Morning Briefing: World stocks mixed so far with oil, Fed in focus

Morning Briefing: World stocks mixed so far with oil, Fed in focus

Morning Briefing: World stocks mixed so far with oil, Fed in focus World stocks mixed so far with oil, Fed in focus
Asian markets closed mostly lower Wednesday with Shanghai the only major index to end with gains. In a day of choppy trade over growth concerns and volatile oil prices, Tokyo and Sydney both ended the session off by around 1 per cent.

In Europe, markets are higher with oil up more than 2 per cent and the minutes of the latest Fed’s FOMC minutes due later which may give guidance on interest rate rises.

Wall Street and Toronto are expected to open higher.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 16,196.41 (+1.39 per cent) +1.30 per cent -10.26 per cent
TSX Composite 12,554.98 (+1.40 per cent) +3.99 per cent -17.86 per cent
 
Europe (at 5.30am ET)
UK FTSE 5,946.72 (+1.44 per cent) +2.46 per cent -13.79 per cent
German DAX 9,299.84 (+1.80 per cent) -2.57 per cent -14.65 per cent
 
Asia (at close)
China CSI 300 3,063.32 (+0.87 per cent) -1.78 per cent -13.03 per cent
Japan Nikkei 15,836.36 (-1.36 per cent) -7.64 per cent -11.96 per cent
 
Other Data (at 5.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
33.11
(+2.89 per cent)
29.70
(+2.27 per cent)
1204.10
(-0.38 per cent)
U$0.7224
 
Aus. Dollar
U$0.7129

OPEC split over output freeze
While four of the OPEC members have agreed a freeze on output, there are others that remain staunchly opposed. Iran is one of the main opponents, having only just had sanctions on its exports lifted. A meeting in Tehran has so far failed to convince the Iranians that they should join the group calling for a freeze and a meeting between Saudi Arabia and Russia (which is non-OPEC) will only lead to Moscow agreeing to freeze output if enough major nations do the same.
 
A third of exploration firms could be bankrupt this year says Deloitte
A report says that almost 35 per cent of oil and gas exploration firms that are publicly-listed could be filing for bankruptcy in 2016 according to analysis from Deloitte. The study looked at around 175 firms and warns that high debt levels and lower revenues put the firms at high risk of bankruptcy and will have to make “tough choices” including cutting dividends.