Morning Briefing: Oil reverses on selling, Canadian CPI awaited

Morning Briefing: Oil reverses on selling, Canadian CPI awaited

Morning Briefing: Oil reverses on selling, Canadian CPI awaited Oil reverses on selling, Canadian CPI awaited
Oil prices have dropped more than 1.5 per cent overnight following a sell-off after some strong increases in recent sessions. Despite data showing a larger stock draw in the US, the underlying global supply glut isn’t going anywhere soon.

Canadian investors and analysts will be awaiting consumer price index data due this morning with expectation of a 1.4 per cent reading for August, increasing year-over-year from 1.3 per cent in July.

Asian equity markets closed mixed with Sydney and Seoul gaining and the other major indexes closing lower. The Fed and BoJ decisions from earlier this week are still in focus.

European indexes are also lower so far as markets digest PMI data for the Eurozone which fell short of expectations. There was also mixed data for French and German economies.

Wall Street and Toronto are expected to open lower.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 18,392.46 (+0.54 per cent) -0.74 per cent +12.63 per cent
TSX Composite 14,797.18 (+0.59 per cent) +0.22 per cent +10.56 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,894.30 (-0.25 per cent) +0.38 per cent +14.29 per cent
German DAX 10,648.22 (-0.24 per cent) +0.52 per cent +10.77 per cent
 
Asia (at close)
China CSI 300 3,275.67 (-0.47 per cent) -1.98 per cent +0.39 per cent
Japan Nikkei 16,754.02 (-0.32 per cent) +0.94 per cent -7.28 per cent
 
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
47.07
(-1.22 per cent)
45.55
(-1.66 per cent)
1339.10
(-0.42 per cent)
U$0.7648
 
Aus. Dollar
U$0.7622

Russian central bank criticizes ‘easy money’ policies
The Russian central bank says that other countries’ ‘easy money’ policies such as quantitative easing have not translated into growth in the real economy.

Speaking to CNBC in Moscow, central bank governor Elvira Nabiullina said that many are in a situation of negative interest rates but Russia was in a very different situation with cooling inflation a key factor in the bank’s policy.

She said that the policies of some central banks are risking financial instability.