Morning Briefing: Oil in bull market, Fed causes concern

Morning Briefing: Oil in bull market, Fed causes concern

Morning Briefing: Oil in bull market, Fed causes concern Oil in bull market, Fed causes concern
Oil prices eased overnight but remain in a bull market with experts predicting an underlying lift for the sector between now and a meeting of oil producers towards the end of next month.

The main force in play Friday is the Fed. Its latest monetary policy meeting minutes released this week left the door open for a September rate rise and markets are cautious.

Asian indexes were largely positive for the week’s final session. Tokyo recovered from a stronger yen to close higher but posted a weekly loss. Sydney is also down over the week but the session closed higher. Australia’s major banks were given an upgraded outlook by Moody’s from negative to stable.

European bourses are trending lower as the main wave of the earnings sector has given way to a focus on the Fed.

Wall Street and Toronto are expected to open slightly higher. Canadian CPI data is due this morning.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 18,597.70 (+0.13 per cent) +0.35 per cent +6.20 per cent
TSX Composite 14,695.68 (-0.01 per cent) +1.18 per cent +4.70 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,851.07 (-0.26 per cent) +2.29 per cent +6.99 per cent
German DAX 10,505.59 (-0.92 per cent) +5.25 per cent -1.65 per cent
 
Asia (at close)
China CSI 300 3,365.02 (-0.02 per cent) +3.60 per cent -13.41 per cent
Japan Nikkei 16,545.82 (+0.36 per cent) -1.06 per cent -18.18 per cent
 
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
50.48
(-0.81 per cent)
47.99
(-0.47 per cent)
1352.30
(-0.36 per cent)
U$0.7788
 
Aus. Dollar
U$0.7604


Whistleblower turns down $8 million reward
A former banking executive has turned down a $8.25 million reward from the US Securities and Exchange Commission because he says it did not go far enough in investigating overvaluing of a derivatives portfolio.

In a column published in today’s Financial Times, Eric Ben-Artzi said he did not want his share of the reward for whistle-blowing on Deutsche Bank because “I will not join the looting of the very people I was hired to protect.”