Morning Briefing: Oil slips on profit-taking, Chinese inflation lower

Morning Briefing: Oil slips on profit-taking, Chinese inflation lower

Morning Briefing: Oil slips on profit-taking, Chinese inflation lower Oil slips on profit-taking, Chinese inflation lower
Equities are generally higher so far Tuesday despite a decline for oil prices and figures showing a dip for China’s consumer price index and producer prices.

Investors are still hopeful of new talks between OPEC countries which could mean a cap on output but the sentiment boosted prices in the previous session, leading to profit-taking today.

Asian markets closed mostly higher, except Hong Kong. China’s inflation eased to 1.8 per cent in July, in line with expectations; producer prices were also down slightly with growth of 1.7 per cent.

India’s central bank announced its latest interest rate decision, opting to hold its main rate at 6.5 per cent.

European markets are also higher as investors consider regional corporate earnings. Data from the UK shows better retail sales in July as shoppers were tempted to brush aside Brexit concerns by offers. PMI and manufacturing data released today could prompt BoE chief Mark Carney to make a further interest rate cut this summer some analysts are predicting.

Wall Street and Toronto are expected to open higher.
 
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North America (previous session)
US Dow Jones 18,529.29 (-0.08per cent) +2.11 per cent +6.65 per cent
TSX Composite 14,755.62 (+0.73 per cent) +3.48 per cent +3.17 per cent
 
Europe (at 4.30am ET)
UK FTSE 6,826.40 (+0.25 per cent) +3.58 per cent +1.61 per cent
German DAX 10,476.63 (+0.42 per cent) +8.80 per cent -8.83 per cent
 
Asia (at close)
China CSI 300 3,256.98 (+0.70 per cent) +2.03 per cent -16.64 per cent
Japan Nikkei 16,764.97 (+0.69 per cent) +10.97 per cent -19.11 per cent
 
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
45.27
(-0.26 per cent)
43.01
(-0.02 per cent)
1340.10
(-0.09 per cent)
U$0.7598
 
Aus. Dollar
U$0.7662

 
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