Morning Briefing: Markets rise as IEA says oil may have hit lows

Morning Briefing: Markets rise as IEA says oil may have hit lows

Morning Briefing: Markets rise as IEA says oil may have hit lows Markets rise as IEA says oil may have hit lows
The International Energy Agency says that oil prices may have reached their lowest point and will now be supported further by producers: “There are clear signs that market forces are working their magic and higher-cost producers are cutting output," its report said.

Although many analysts are less optimistic, Goldman Sachs for example highlighting the continued supply glut, oil prices have gained overnight with West Texas crude up more than 2.6 per cent and Brent rising almost 2 per cent.

Equity markets have reacted with strong gains in Europe; Frankfurt’s DAX is up almost 3 per cent in morning trading; while Asian markets have also closed higher, albeit by narrower margins.

Europe’s markets were also boosted by the ECB’s stimulus measures this week which have now been digested and communicated to investors with positive reaction.

Wall Street and Toronto are expected to gain after finishing flat in the previous session.
 
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North America (previous session)
US Dow Jones 16,995.13 (-0.03 per cent) +6.79 per cent -3.78 per cent
TSX Composite 13,379.14 (-0.10 per cent) +10.69 per cent -9.23 per cent
 
Europe (at 5.30am ET)
UK FTSE 6,128.67 (+1.52 per cent) +10.69 per cent -8.82 per cent
German DAX 9,759.40 (+2.75 per cent) +11.50 per cent -17.34 per cent
 
Asia (at close)
China CSI 300 3,018.28 (+0.17 per cent) +1.84 per cent -14.37 per cent
Japan Nikkei 16,938.87 (+0.51 per cent) +7.80 per cent -9.53 per cent
 
Other Data (at 6.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
40.83
(+1.95 per cent)
38.83
(+2.62 per cent)
1265.50
(-0.57 per cent)
U$0.7550
 
Aus. Dollar
U$0.7507

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