Morning Briefing: Oil gains boost equities, Asian growth concerns

Morning Briefing: Oil gains boost equities, Asian growth concerns

Morning Briefing: Oil gains boost equities, Asian growth concerns Oil gains boost equities, Asian growth concerns
Oil prices gained overnight on data showing lower US crude stockpiles although stocks of refined products are a concern.

Global growth remains a concern with the Fed minutes in focus for its dovish tone and the decision to hold interest rates for now. US jobless claims data is due at 8.30am ET.

Asian markets closed mixed as oil gave energy stocks a boost while overall sentiment remains subdued. S&P has cut its credit rating outlook for Australia to negative due to the political deadlock post-election and its high levels of external debt.

European indexes are higher so far following the Fed and oil prices but the Brexit impact is never far away and markets remain volatile.

Wall Street and Toronto are expected to open higher.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 17,918.62 (+0.44 per cent) -0.11 per cent +0.80 per cent
TSX Composite 14,231.06 (+0.08 per cent) -0.94 per cent -2.69 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,579.03 (+1.79 per cent) +4.69 per cent +2.28 per cent
German DAX 9,505.81 (+1.41 per cent) -7.60 per cent -10.97 per cent
 
Asia (at close)
China CSI 300 3,209.95 (-0.21 per cent) +1.04 per cent -18.28 per cent
Japan Nikkei 15,276.24 (-0.67 per cent) -8.39 per cent -25.03 per cent
 
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
49.23
(+0.88 per cent)
47.86
(+0.91 per cent)
1368.40
(+0.10 per cent)
U$0.7739
 
Aus. Dollar
U$0.7536
 
Interest rates will stay low long-term says Gartman
Influential investor Dennis Gartman says that interest rates are set to remain low in the US for a long time. He told CNBC that it could be another year before the Fed decides to make its next increase.

He said that the Fed used the Brexit vote as “a reason to do nothing” and cited the “tepid” growth in the Us economy for the continued dovish tone.