Markets rebound from Trump shock... New warning for oil industry as IEA forecasts greater glut...
Markets rebound from Trump shock
What a difference 24 hours makes. Markets have recovered from the US presidential election result with strong gains for major markets Thursday.
In Tokyo, where the Nikkei was down sharply in the previous session, there was a strong rebound of near 7 per cent, as the yen fell against the US dollar.
Sydney gained more than 3 per cent while Hong Kong and Seoul jumped around 2 per cent. Shanghai saw a more modest 1 per cent rise.
European markets are trending higher too with Paris up more than 1 per cent and Frankfurt and London not far behind.
Wall Street and Toronto are expected to open higher. Canadian investors will be watching housing data while US jobless claims will also be released.
New warning for oil industry as IEA forecasts greater glut
If OPEC does not manage to seal a deal for cutting output at its meeting later this month, the global supply glut is set to worsen in 2017.
The International Energy Agency reported Thursday that supply was up by 800,000 barrels per day last month to a 97.8 million bpd with a demand growth forecast of 1.2 m/bpd for 2016.
The agency sees demand growing at the same pace for 2017 and warns that prices could fall if a deal between OPEC – and some non-OPEC – members is not achieved.
"If no agreement is reached and some individual members continue to expand their production then the market will remain in surplus throughout the year, with little prospect of oil prices rising significantly higher. Indeed, if the supply surplus persists in 2017 there must be some risk of prices falling back," its statement said.
What a difference 24 hours makes. Markets have recovered from the US presidential election result with strong gains for major markets Thursday.
In Tokyo, where the Nikkei was down sharply in the previous session, there was a strong rebound of near 7 per cent, as the yen fell against the US dollar.
Sydney gained more than 3 per cent while Hong Kong and Seoul jumped around 2 per cent. Shanghai saw a more modest 1 per cent rise.
European markets are trending higher too with Paris up more than 1 per cent and Frankfurt and London not far behind.
Wall Street and Toronto are expected to open higher. Canadian investors will be watching housing data while US jobless claims will also be released.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 18,589.69 (+1.40 per cent) | +1.91 per cent | +4.85 per cent |
| TSX Composite | 14,759.91 (+0.70 per cent) | +1.33 per cent | +10.05 per cent |
| Europe (at 4.30am ET) |
|||
| UK FTSE | 6,959.68 (+0.69 per cent) | -1.94 per cent | +10.91 per cent |
| German DAX | 10,729.01 (+0.78 per cent) | +0.99 per cent | - 0.96 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,390.61 (+1.12 per cent) | +2.94 per cent | -11.55 per cent |
| Japan Nikkei | 17,344.42 (+6.72 per cent) | +2.87 per cent | -11.83 per cent |
| Other Data (at 2.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 46.46 (+0.22 per cent) |
45.09 (-0.40 per cent) |
1283.70 (+0.80 per cent) |
U$0.7443 |
| Aus. Dollar |
|||
| U$0.7701 | |||
New warning for oil industry as IEA forecasts greater glut
If OPEC does not manage to seal a deal for cutting output at its meeting later this month, the global supply glut is set to worsen in 2017.
The International Energy Agency reported Thursday that supply was up by 800,000 barrels per day last month to a 97.8 million bpd with a demand growth forecast of 1.2 m/bpd for 2016.
The agency sees demand growing at the same pace for 2017 and warns that prices could fall if a deal between OPEC – and some non-OPEC – members is not achieved.
"If no agreement is reached and some individual members continue to expand their production then the market will remain in surplus throughout the year, with little prospect of oil prices rising significantly higher. Indeed, if the supply surplus persists in 2017 there must be some risk of prices falling back," its statement said.
