Morning Briefing: Oil jumps 5 per cent on OPEC hopes

Morning Briefing: Oil jumps 5 per cent on OPEC hopes

Morning Briefing: Oil jumps 5 per cent on OPEC hopes Oil jumps 5 per cent on OPEC hopes
The long-awaited and market-changing OPEC meeting has finally arrived with members sounding an optimistic tone. Hopes that the gathering today in Austria will result in a positive deal for the oil industry has seen prices surge 5 per cent in early trading.

Asian equity markets were mixed following a decline in oil prices in the previous session but Japan, Hong Kong and South Korea closed higher.

Europe’s indexes are trending higher on the oil price rise and on regional data which revealed on-target unemployment figures for Germany and CPI figures for the Eurozone. ECB president Mario Draghi will speak in Madrid later.

Wall Street and Toronto are expected to open higher. Data releases include Canadian GDP and US personal consumption.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 19,121.60 (+0.12 per cent) +5.29 per cent +7.43 per cent
TSX Composite 14,999.81 (-0.10 per cent) +1.44 per cent +11.36 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,799.08 (+0.40 per cent) -2.40 per cent +6.78 per cent
German DAX 10,642.87 (+0.21 per cent) -0.21 per cent - 6.50 per cent
 
Asia (at close)
China CSI 300 3,538.00 (-0.73 per cent) +6.05 per cent -0.80 per cent
Japan Nikkei 18,308.48 (+0.01 per cent) +5.07 per cent -7.29 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
48.85
(+5.33 per cent)
47.41
(+4.82 per cent)
1189.00
(-0.15 per cent)
U$0.7453
 
Aus. Dollar
U$0.7464

 
Carney warns Europe over British banking sector
Mark Carney, the Canadian governor of the Bank of England warned the EU that it stands to lose if the British banking sector suffers from Brexit.

Speaking at a press conference, Mr Carney said that the UK’s financial institutions are effectively the investment banker of Europe, adding “These activities are crucial for firms in the European Union economy, and it’s absolutely in the interest of the European Union that there is an orderly transition and that there’s continual access to those services.”

The governor was responding to rhetoric from a Dutch official who said Britain stands to be the loser from Brexit.