Morning Briefing: Energy stocks remain in focus

Morning Briefing: Energy stocks remain in focus

Morning Briefing: Energy stocks remain in focus Energy stocks remain in focus
World stocks are largely higher so far Monday despite concern over still-falling oil prices. Prices hit a new 11-year low and although there is a sense that they may be reaching their lower limit January futures are still off by 0.7 per cent.

In Asia, the major indexes closed with gains except for Tokyo which was pressured by a strengthening yen against the dollar, punishing exporters’ stocks. China said it was to focus on “supply side” structural reform, boosting market sentiment.

European markets are trading higher with the Chinese news helping mining stocks in particular. Spanish equities are down around 2 per cent following the country’s election over the weekend with the no party securing overall power.

In Brazil the markets are contemplating the new finance minister’s agenda which could signal the end, or at least scaling back, the government’s austerity measures.

Wall Street and Toronto are expected to open higher.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 17,128.55 (-2.10 per cent) -3.90 per cent -3.80 per cent
TSX Composite 13,024.30 (+0.11 per cent) -3.05 per cent -9.98 per cent
 
Europe (at 6.00am ET)
UK FTSE 6,092.66 (+0.66 per cent) -3.82 per cent -6.92 per cent
German DAX 10,755.07 (+1.38 per cent) -3.28 per cent +9.89 per cent
 
Asia (at close)
China CSI 300 3,865.97 (+2.60 per cent) +2.43 per cent +14.27 per cent
Japan Nikkei 18,916.02 (-0.37 per cent) -4.85 per cent +7.35 per cent
 
Other Data (at 6.00am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
36.50
(+1.03 per cent)
34.42
(-0.89 per cent)
1071.00
(+0.56 per cent)
U$0.7181
 
Aus. Dollar
U$0.7161
 
Saudi Arabia plans to shake up economy
With oil prices set to remain low for many months, if not years, Saudi Arabia is reportedly drawing up plans to withstand the rout. NBC reports that the nation’s deputy crown prince Mohammed bin Salman is meeting this week with senior officials, businessmen and economists to look at how the economy can benefit from spending reforms and privatizations. Details are expected to be revealed in the next few weeks.