Oil rebounds, ECB in focus... Asian Development Bank chief calm on Fed rise...
Oil rebounds, ECB in focus
Oil prices have increased around 1.5 per cent overnight after a senior OPEC member said that Saudi Arabia may be willing to work with non-OPEC producers to balance the market in 2016. OPEC members are due to meet Friday.
Asian markets gained on the oil news but most closed with losses as global economic concerns dominate. Shanghai and Tokyo outperformed their regional peers to close higher.
In Europe all eyes are on the European Central Bank which is widely expected to boost stimulus measures for the Eurozone bloc. The bank’s bond-buying program could be extended or there could be further reduction in the already-negative overnight lending rate.
In the US Janet Yellen’s first speech of the week, along with other Fed speakers, gave increased expectation of a December rate rise. Yellen is due to speak again at 10am ET while jobless claims, non-manufacturing sector data and factory orders will all be in focus.
Toronto and Wall Street are expected to open higher after losses in the previous session.
Asian Development Bank chief calm on Fed rise
The likely interest rate rise by the Federal Reserve when it meets later this month has brought concerns from some that it would have a detrimental impact on Asian markets. However the chief of the Asian Development Bank does not share the view. ADB president Takehiko Nakao said Thursday that the region’s financial stability is stronger than it was during the last crisis: "US rate hikes won't cause the kind of turmoil seen during the Asian financial crisis," Nakao told Reuters in an interview. "But not all the countries are invulnerable to challenges, so the ADB will stand ready to provide funding support as needed."
Oil prices have increased around 1.5 per cent overnight after a senior OPEC member said that Saudi Arabia may be willing to work with non-OPEC producers to balance the market in 2016. OPEC members are due to meet Friday.
Asian markets gained on the oil news but most closed with losses as global economic concerns dominate. Shanghai and Tokyo outperformed their regional peers to close higher.
In Europe all eyes are on the European Central Bank which is widely expected to boost stimulus measures for the Eurozone bloc. The bank’s bond-buying program could be extended or there could be further reduction in the already-negative overnight lending rate.
In the US Janet Yellen’s first speech of the week, along with other Fed speakers, gave increased expectation of a December rate rise. Yellen is due to speak again at 10am ET while jobless claims, non-manufacturing sector data and factory orders will all be in focus.
Toronto and Wall Street are expected to open higher after losses in the previous session.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,729.68 (-0.89 per cent) | -0.56 per cent | -0.84 per cent |
| TSX Composite | 13,463.82 (-1.26 per cent) | -1.80 per cent | -8.74 per cent |
| Europe (at 6.00am ET) |
|||
| UK FTSE | 6,431.78 (+0.17 per cent) | +0.75 per cent | - 4.24 per cent |
| German DAX | 11,288.58 (+0.88 per cent) | +3.08 per cent | +13.21 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,749.30 (+0.73 per cent) | +8.19 per cent | +26.34 per cent |
| Japan Nikkei | 19,939.90 (+0.01 per cent) | +6.73 per cent | +12.52 per cent |
| Other Data (at 6.00am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 43.27 (+1.84 per cent) |
40.50 (+1.40 per cent) |
1049.40 (-0.42 per cent) |
U$0.7503 |
| Aus. Dollar |
|||
| U$0.7325 | |||
Asian Development Bank chief calm on Fed rise
The likely interest rate rise by the Federal Reserve when it meets later this month has brought concerns from some that it would have a detrimental impact on Asian markets. However the chief of the Asian Development Bank does not share the view. ADB president Takehiko Nakao said Thursday that the region’s financial stability is stronger than it was during the last crisis: "US rate hikes won't cause the kind of turmoil seen during the Asian financial crisis," Nakao told Reuters in an interview. "But not all the countries are invulnerable to challenges, so the ADB will stand ready to provide funding support as needed."
