Morning Briefing: Oil prices steady after OPEC, equities higher

Morning Briefing: Oil prices steady after OPEC, equities higher

Morning Briefing: Oil prices steady after OPEC, equities higher Oil prices steady after OPEC, equities higher
Thursday’s meeting of OPEC producers did not result in an output cap but there were some positive tones, especially from Saudi Arabia which said it was not about to rapidly increase output. Oil prices have increased overnight with Brent holding above $50 Friday morning.

The new Saudi oil minister predicted that oil could return to $60. Speaking to CNN, Khalid Al Falih said the market is working in producers’ favour and $60 could be reached by the end of 2016 with higher prices in 2017.

World equity markets have been buoyed by the oil prices and are broadly positive. Asian indexes closed with gains for all the major markets.

European indexes have begun their session higher but will be waiting US non-farm payroll data, due at 8.30am ET, for a steer on the Fed’s likelihood of an interest rate rise either this month or next.

Wall Street and Toronto are expected to open higher.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 17,838.56 (+0.27 per cent) +0.49 per cent -1.32 per cent
TSX Composite 14,136.99 (+0.52 per cent) +3.13 per cent -6.72 per cent
 
Europe (at 5.30am ET)
UK FTSE (previous) 6,239.50 (+0.87 per cent) -0.87 per cent -10.23 per cent
German DAX 10,248.29 (+0.39 per cent) +3.24 per cent -10.26 per cent
 
Asia (at close)
China CSI 300 3,189.33 (+0.70 per cent) -0.75 per cent -37.99 per cent
Japan Nikkei 16,642.23 (+0.48 per cent) +3.06 per cent -18.71 per cent
 
Other Data (at 5.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
50.17
(+0.26 per cent)
49.25
(+0.16 per cent)
1214.10
(+0.12 per cent)
U$0.7637
 
Aus. Dollar
U$0.7241

 
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