Morning Briefing: G20 meeting boosts sentiment, oil continues higher

Morning Briefing: G20 meeting boosts sentiment, oil continues higher

Morning Briefing: G20 meeting boosts sentiment, oil continues higher G20 meeting boosts sentiment, oil continues higher
Officials from the G20 nations are meeting in China and there are calls for more to be done to help boost the global economy. Meanwhile oil prices have continued higher overnight on expectation of talks between OPEC and Russia aimed at freezing output at January levels.

Oil prices could be back around $50 later this year according to current OPEC president Mohammed bin Saleh al-Sada, the Qatar oil minister. That would come at a price though with smaller producers being put out of business in the process.

Asian markets have closed mostly higher, led by gains of more than 2 per cent on Hong Kong’s Hang Seng. Sydney’s ASX was the loser of the session, dipping slightly on weak corporate earnings.

European indexes are trading higher so far with Germany and France leading the pack. London’s FTSE is also positive but weakened by shares in banking giant RBS which reported losses.
Wall Street and Toronto are expected to open higher. GDP figures will be in focus.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 16,697.29 (+1.29 per cent) +3.28 per cent -8.33 per cent
TSX Composite 12,753.60 (+0.10 per cent) +3.42 per cent -16.32 per cent
 
Europe (at 5.30am ET)
UK FTSE 6,083.80 (+1.18 per cent) +2.92 per cent -12.46 per cent
German DAX 9,531.34 (+2.14 per cent) -2.97 per cent -15.85 per cent
 
Asia (at close)
China CSI 300 2,948.03 (+1.00 per cent) +0.26 per cent -17.34 per cent
Japan Nikkei 16,188.41 (+0.30 per cent) -3.12 per cent -13.83 per cent
 
Other Data (at 6.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
36.00
(+2.01 per cent)
33.70
(+1.91 per cent)
1234.90
(-0.33 per cent)
U$0.7389
 
Aus. Dollar
U$0.7205

Buy gold says Deutsche
Gold should be bought by investors as insurance against volatile equity markets according to analysts at Deutsche Bank. Although gold is expensive, prices have fallen to $1,200 an ounce from $1,900 in 2011 and Deutsche is advising its clients buy amid uncertainty in global economies. The bank also says that it expects just one interest rate rise from the Fed this year, compared to the three it had called for previously.