Morning Briefing: Oil prices rebound on analysis

Morning Briefing: Oil prices rebound on analysis

Morning Briefing: Oil prices rebound on analysis

Oil prices rebound on analysis

Some energy market analysts believe that the global oil glut may not be as large as previously thought as the winter approaches. The comments have boosted sentiment Tuesday with oil prices reversing losses in the previous session.

The rebound for oil along with a rise for metals has added strength to equities with Asian markets closing higher, led by Shanghai and Hong Kong.

European indexes are trending higher with France leading. UK consumer prices showed a 1 per cent rise year-over-year while producer prices fell short of expectations. Most economists surveyed by Bloomberg believe that BoE governor Mark Carney will announce an interest rate cut on November 3.

Wall Street and Toronto are expected to open higher. US consumer prices data is awaited.

  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 18,086.40 (-0.29 per cent) -0.21 per cent +5.06 per cent
TSX Composite 14,596.52 (+0.08 per cent) +1.01 per cent +5.48 per cent
 
Europe (at 4.30am ET)
UK FTSE 7,024.58 (+1.11 per cent) +4.68 per cent +10.14 per cent
German DAX 10,623.25 (+1.14 per cent) +3.38 per cent +5.13 per cent
 
Asia (at close)
China CSI 300 3,321.33 (+1.33 per cent) +2.55 per cent -6.02 per cent
Japan Nikkei 16,963.61 (+0.38 per cent) +2.69 per cent -7.26 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
51.91
(+0.76 per cent)
50.40
(+0.92 per cent)
1263.30
(+0.53 per cent)
U$0.7652
 
Aus. Dollar
U$0.7678

Can Hollywood producers be lured to China?

A Chinese company hopes to tempt Hollywood producers to switch production from popular locations including Canada, to its new $5 billion studios facility in Qingdao.

Dalian Wanda Group has been wooing movie executives in LA with a $750 million incentive to use its new production facility when it opens in 2018.

CNBC reports that the incentive will include a range of subsidies and benefits from connections with Chinese movie companies.

Jian Wang told executives that the Chinese market for movies is expanding. His company has already acquired US cinema chains AMC and Carmike and is hoping to buy Dick Clark Productions.