Morning Briefing: Markets react to Fed, Oil continues lower

Morning Briefing: Markets react to Fed, Oil continues lower

Morning Briefing: Markets react to Fed, Oil continues lower Markets react to Fed, Oil continues lower
While North American markets closed higher following the Fed’s interest rate announcement, it came after Asian and European markets were closed. Friday offered investors in those markets the opportunity to react to the rate rise.

Trading so far has been positive with Asian markets taking a strong lead from Wall Street and concluding that the Fed had offered up the right mix of restraint and certainty that investors were hoping for. All major Asian indexes closed higher.

European indexes are also higher so far with Germany’s DAX up 3 per cent in mid-morning trade. Regionally there was good news for airlines who won an appeal against an EU fine.

Wall Street and Toronto are expected to open higher. US jobs data is in focus.

Meanwhile oil prices have continued to fall overnight as oversupply fears grow. US crude is at a near-11-year low.
 
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North America (previous session)
US Dow Jones 17,749.09 (+1.28 per cent) +1.48 per cent +2.26  per cent
TSX Composite 13,166.08 (+1.91 per cent) -0.86 per cent -7.37 per cent
 
Europe (at 6.00am ET)
UK FTSE 6,143.16 (+1.35 per cent) -2.00 per cent -3.05 per cent
German DAX 10,773.29 (+2.90 per cent) -1.80 per cent +12.88 per cent
 
Asia (at close)
China CSI 300 3,755.89 (+1.91 per cent) -0.07 per cent +11.76 per cent
Japan Nikkei 19,353.56 (+1.59 per cent) -1.41 per cent +15.06 per cent
 
Other Data (at 6.00am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
37.27
(-0.32 per cent)
35.18
(-0.96 per cent)
1065.10
(-1.09 per cent)
U$0.7232
 
Aus. Dollar
U$0.7200
 
Argentina to relax controls on foreign exchange
Controls on the Argentine peso will be lifted four years after they were introduced. President Mauricio Macri’s plan is to boost exports and help the country recover from slow growth, however there are concerns of further fuelling overheated inflation. The controls on the peso will no longer apply when the markets open Thursday.