Morning Briefing: Equities fall as oil continues lower

Morning Briefing: Equities fall as oil continues lower

Morning Briefing: Equities fall as oil continues lower Equities fall as oil continues lower
Further decline in oil prices overnight has seen world equities fall so far Wednesday. Regional data, earnings and the Fed are all in focus too.

American Petroleum Institute figures reported by Reuters show a larger-than-expected rise in US oil stockpiles last week, overshadowing sentiment resulting from potential output cap talks by OPEC members.

Meanwhile, a report by RBC Capital Markets says that the oil market is over-bearish: “Even as we march closer to the point where the daily global supply overhang turns to a deficit, a deluge of bearish headlines has kept the market on its heels,” it warns.

Asian markets closed mixed with Hong Kong and South Korea higher but most other major indexes sliding. There was some positive news, with figures from Japan showing a rise in machinery orders in June, but it is China’s data that will be keenly observed this week.

European markets are subdued with oil prices and this week’s meeting of the Fed being considered by investors. Post-Brexit uncertainty continues with Norway suggesting it would block any deal which would allow the UK access to the European single-market as it would not be in their interests.

Wall Street and Toronto are expected to open higher.
 
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North America (previous session)
US Dow Jones 18,533.05 (+0.02 per cent) +2.13 per cent +5.21 per cent
TSX Composite 14,801.23 (+0.31 per cent) +3.80 per cent +2.31 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,841.85 (-0.14 per cent) +3.81 per cent +1.57 per cent
German DAX 10,678.95 (-0.13 per cent) +10.90 per cent -7.98 per cent
 
Asia (at close)
China CSI 300 3,243.34 (-0.42 per cent) +1.60 per cent -20.59 per cent
Japan Nikkei 16,735.12 (-0.18 per cent) +10.78 per cent -19.58 per cent
 
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
44.41
(-1.27 per cent)
42.17
(-1.40 per cent)
1357.60
(+0.81 per cent)
U$0.7659
 
Aus. Dollar
U$0.7718

 
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