Global stocks higher ahead of Q3 earnings... Is oil about to rebound?
Global stocks higher ahead of Q3 earnings
The global markets have been broadly higher so far Tuesday ahead of the third quarter earnings season.
Asian markets closed with gains following a strong lead from Wall Street. The Bank of Japan began a two day policy meeting and could announce some surprises according to analysts. Meanwhile Australia’s central bank announced its decision to hold interest rates at 2 per cent. Shanghai has been closed over the last week due to holidays but reopens Wednesday.
European indexes are subdued following German data showing weakness in the industrial sector. It follows figures in the previous session which showed a drop in business activity in the Eurozone bloc.
The TSX and Wall Street are expected to open slightly lower following three-digit gains Monday. Earnings will be closely watched with Pepsi and Yum! Brands among those reporting. There will also be further reaction to the TPP trade agreement.
Is oil about to rebound?
The chief executive of Royal Dutch Shell believes that oil prices could be turning the corner. Ben van Buerden said Tuesday that "I see the first mixed signs for recovery of oil prices.” However the resilience of the US shale producers and high stockpiles mean that the recovery will be a slow process he said. The long term issue could be the scaling back of production that has happened as oil companies reduce capital expenditure by canceling projects. That, Mr van Buerden says, could mean an upward spike in prices at some point.
The global markets have been broadly higher so far Tuesday ahead of the third quarter earnings season.
Asian markets closed with gains following a strong lead from Wall Street. The Bank of Japan began a two day policy meeting and could announce some surprises according to analysts. Meanwhile Australia’s central bank announced its decision to hold interest rates at 2 per cent. Shanghai has been closed over the last week due to holidays but reopens Wednesday.
European indexes are subdued following German data showing weakness in the industrial sector. It follows figures in the previous session which showed a drop in business activity in the Eurozone bloc.
The TSX and Wall Street are expected to open slightly lower following three-digit gains Monday. Earnings will be closely watched with Pepsi and Yum! Brands among those reporting. There will also be further reaction to the TPP trade agreement.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 16,776.43 (+1.85 per cent) | +4.19 per cent | -1.27 per cent |
| TSX Composite | 13,552.20 (+1.59 per cent) | +0.55 per cent | -8.08 per cent |
| Europe (at 6.10am ET) |
|||
| UK FTSE | 6,295.88 (-0.05 per cent) | +4.19 per cent | - 4.08 per cent |
| German DAX | 9,856.01 (+0.42 per cent) | -1.81 per cent | +7.02 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,202.95 (+0.76 per cent) | -4.73 per cent | +30.68 per cent |
| Japan Nikkei | 18,186.10 (+1.00 per cent) | +2.21 per cent | +14.44 per cent |
| Other Data (at 6.10am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 49.33 (+0.16 per cent) |
46.10 (-0.35 per cent) |
1137.30 (-0.03 per cent) |
U$0.7643 |
| Aus. Dollar |
|||
| U$0.7115 | |||
Is oil about to rebound?
The chief executive of Royal Dutch Shell believes that oil prices could be turning the corner. Ben van Buerden said Tuesday that "I see the first mixed signs for recovery of oil prices.” However the resilience of the US shale producers and high stockpiles mean that the recovery will be a slow process he said. The long term issue could be the scaling back of production that has happened as oil companies reduce capital expenditure by canceling projects. That, Mr van Buerden says, could mean an upward spike in prices at some point.
