Moring Briefing: Oil slumps, Fed weighs on gold

Moring Briefing: Oil slumps, Fed weighs on gold

Moring Briefing: Oil slumps, Fed weighs on gold Oil slumps, Fed weighs on gold
Commodities are starting the week under pressure as the markets put a brake on the oil rally over fears that it is excessive; meanwhile gold prices hit a 2-week low as a Fed interest rate rise is eyed.

For oil, Chinese exports have increased and there is concern that producer talks in September will not result in any significant support for the market. Analysts believe that if there is a freeze on production it will be based on record output levels.

Equity markets in Asia closed mostly lower and it could be a slow week as investors await Fed chair Janet Yellen’s Jackson Hole speech Friday. Hong Kong and Tokyo closed higher; the latter on expectation of increased stimulus from the BoJ.

European indexes are more optimistic with Germany and France leading the gains.

Wall Street and Toronto are expected to open higher following weak results in the previous session.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 18,552.57 (-0.24 per cent) -0.10 per cent +12.71 per cent
TSX Composite 14,695.68 (-0.06 per cent) +0.59 per cent +9.01 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,864.15 (+0.08 per cent) +1.99 per cent +10.93 per cent
German DAX 10,631.76 (+0.83 per cent) +4.77 per cent +5.01 per cent
 
Asia (at close)
China CSI 300 3,336.79 (-0.84 per cent) +3.46 per cent -7.04 per cent
Japan Nikkei 16,598.19 (+0.32 per cent) -0.17 per cent -14.60 per cent
 
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
49.94
(-1.85 per cent)
47.65
(-1.79 per cent)
1336.90
(-0.69 per cent)
U$0.7750
 
Aus. Dollar
U$0.7615

Greece’s economic woes are not over
The Greek debt crisis was the talk of world markets a year ago but despite three injections of cash and various deals with creditors, a new report warns that the country is far from back on its feet.

Analysts are DiaNEOsis found that most Greeks are facing hardship with extreme poverty in the country up from 2.2 per cent in 2009 to 15 per cent in 2015. CNBC reports that many Greeks are disillusioned.