Oil below $40 as OPEC disappoints... US economists cut growth forecast, jobs strong... Oil will stay low in 2016 says Total boss...
Oil below $40 as OPEC disappoints
The much-anticipated meeting of OPEC members Friday ended in disappointment with no movement on production levels. Oil prices have been declining so far Monday with West Texas Crude falling below $40 and benchmark Brent prices falling to near 2015 lows.
Equity markets are mixed so far. Asian indexes digested US jobs data and regional indicators and Shanghai, Tokyo and Sydney were among those closing with gains.
In Europe investors are still weighing a disappointing announcement on stimulus measures from the ECB although this was tempered by comments from the central bank’s president that there were ‘unlimited’ tools available if needed. US jobs data is also in focus along with the strong US dollar against the Euro. Most markets are trading higher so far.
Wall Street and Toronto are expected to open higher.
US economists cut growth forecast, jobs strong
A survey of economists reveals a bullish view on US economic growth in 2016. The National Association for Business Economics poll suggests 2.6 per cent growth, down from the 2.7 per cent forecast in September. However, the jobs market is set to be buoyant with unemployment down to 4.7 per cent by the end of next year from the current 5 per cent rate.
Oil will stay low in 2016 says Total boss
The chief executive of French energy firm Total said Monday that the price of oil is unlikely to recover in 2016. Patrick Pouyanne believes that supply will outstrip demand in 2016 with prices under continued pressure. He told the BBC that both US and OPEC supply will start to contract during the year but with demand also lower there will be little movement on prices.
The much-anticipated meeting of OPEC members Friday ended in disappointment with no movement on production levels. Oil prices have been declining so far Monday with West Texas Crude falling below $40 and benchmark Brent prices falling to near 2015 lows.
Equity markets are mixed so far. Asian indexes digested US jobs data and regional indicators and Shanghai, Tokyo and Sydney were among those closing with gains.
In Europe investors are still weighing a disappointing announcement on stimulus measures from the ECB although this was tempered by comments from the central bank’s president that there were ‘unlimited’ tools available if needed. US jobs data is also in focus along with the strong US dollar against the Euro. Most markets are trading higher so far.
Wall Street and Toronto are expected to open higher.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,847.63 (+2.12 per cent) | -0.35 per cent | -0.62 per cent |
| TSX Composite | 13,358.77 (+0.26 per cent) | -1.44 per cent | -7.70 per cent |
| Europe (at 6.00am ET) |
|||
| UK FTSE | 6,273.78 (-0.57 per cent) | -1.26 per cent | -6.96 per cent |
| German DAX | 10,970.90 (+2.03 per cent) | -0.16 per cent | +8.76 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,687.61 (+0.27 per cent) | -2.79 per cent | +18.01 per cent |
| Japan Nikkei | 19,698.15 (+0.99 per cent) | +2.25 per cent | +9.92 per cent |
| Other Data (at 6.00am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 42.73 (-0.63 per cent) |
39.43 (-1.35 per cent) |
1061.00 (-0.02 per cent) |
U$0.7447 |
| Aus. Dollar |
|||
| U$0.7303 | |||
US economists cut growth forecast, jobs strong
A survey of economists reveals a bullish view on US economic growth in 2016. The National Association for Business Economics poll suggests 2.6 per cent growth, down from the 2.7 per cent forecast in September. However, the jobs market is set to be buoyant with unemployment down to 4.7 per cent by the end of next year from the current 5 per cent rate.
Oil will stay low in 2016 says Total boss
The chief executive of French energy firm Total said Monday that the price of oil is unlikely to recover in 2016. Patrick Pouyanne believes that supply will outstrip demand in 2016 with prices under continued pressure. He told the BBC that both US and OPEC supply will start to contract during the year but with demand also lower there will be little movement on prices.
