Markets mixed on growth concerns... US drilling declines, oil up more than 1 per cent... Gold lower on equities gains...
Markets mixed on growth concerns
Global growth concerns dominate the world markets as trading gets underway this week. The Fed’s hold-steady on interest rates and the wording that came with it have raised concerns that even the US economy may not be enough to boost global growth.
Asian markets have closed mainly lower with the exception of Shanghai. Tokyo was closed for a public holiday. China’s weakness is still giving way to speculation of further stimulus while the rest of the region was subdued by Wall Street’s weaker finish in Friday’s session.
In Europe indexes are broadly higher as Greece’s election results returned the Syriza-led coaltion to power removing any uncertainty about the austerity-focused government.
The TSX and Wall Street are set to open higher.
US drilling declines, oil up more than 1 per cent
Oil prices gained more than 1 per cent in early trading Monday as data showed a slowdown in US drilling with a cut in the number of operational rigs for the third consecutive week. A report also suggested that $1.5 trillion of planned production was uneconomical at current prices. Meanwhile OPEC countries continue to produce record output.
Gold lower on equities gains
European equities and US futures have pressured gold prices so far Monday. The metal had hit a near 3-week high Friday but has declined so far in the week’s first session with US futures for December delivery down $1.50 an ounce.
Global growth concerns dominate the world markets as trading gets underway this week. The Fed’s hold-steady on interest rates and the wording that came with it have raised concerns that even the US economy may not be enough to boost global growth.
Asian markets have closed mainly lower with the exception of Shanghai. Tokyo was closed for a public holiday. China’s weakness is still giving way to speculation of further stimulus while the rest of the region was subdued by Wall Street’s weaker finish in Friday’s session.
In Europe indexes are broadly higher as Greece’s election results returned the Syriza-led coaltion to power removing any uncertainty about the austerity-focused government.
The TSX and Wall Street are set to open higher.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 16,384.58 (-1.74 per cent) | -0.46 per cent | -5.18 per cent |
| TSX Composite | 13,646.90 (-1.02 per cent) | +1.29 per cent | -10.60 per cent |
| Europe (at 6.30am ET) |
|||
| UK FTSE | 6,134.15 (+0.49 per cent) | -0.86 per cent | -10.29 per cent |
| German DAX | 9,852.90 (-0.64 per cent) | -2.68 per cent | +0.55 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,308.25 (+1.75 per cent) | -7.84 per cent | +36.41 per cent |
| Japan Nikkei | 18,070.21 (-1.96 per cent) | -7.03 per cent | +10.72 per cent |
| Other Data (at 6.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 48.21 (+1.56 per cent) |
45.41 (+1.63 per cent) |
1136.50 (-0.11 per cent) |
U$0.7677 |
| Aus. Dollar |
|||
| U$0.7167 | |||
US drilling declines, oil up more than 1 per cent
Oil prices gained more than 1 per cent in early trading Monday as data showed a slowdown in US drilling with a cut in the number of operational rigs for the third consecutive week. A report also suggested that $1.5 trillion of planned production was uneconomical at current prices. Meanwhile OPEC countries continue to produce record output.
Gold lower on equities gains
European equities and US futures have pressured gold prices so far Monday. The metal had hit a near 3-week high Friday but has declined so far in the week’s first session with US futures for December delivery down $1.50 an ounce.
