China’s weak inflation hits markets... Russia says no to oil output cut... Another bank probe underway...
China’s weak inflation hits markets
Global stock markets are lower so far Wednesday amid new data from China showing that consumer price increases were worse than expected in September. The CPI rose 1.6 per cent following 2 per cent in August. Analysts had expected 1.8 per cent.
The figures hit markets across the region with some of Japan’s automakers among the losers; overall Tokyo’s Nikkei was off by almost 2 per cent.
European indexes have responded to the news with all major markets trading lower so far this morning. The situation has been exacerbated by lower oil and copper prices.
Toronto and Wall Street are expected to open flat at best.
Russia says no to oil output cut
Russia’s energy minister was not accepting any blame for the global oil supply glut but was clear who is at fault – the US shale producers and OPEC. Alexander Novak told CNBC that his country has not significantly changed the level of output over the last few years while US shale has increased. He said that he doesn’t wish to see shale producers go out of business and noted that many former importers of oil are now producing their own supplies.
Another bank probe underway
US regulators and law enforcement are looking into possible involvement of Goldman Sachs in corruption and money laundering at the Malaysian state investment firm 1Malaysia Development Bhd. The FBI and Department of Justice are at the information gathering stage according to the Wall Street Journal but there is no suggestion of any wrongdoing by Goldman Sachs. The group’s Singapore arm was visited by anti-corruption officials from Malaysia in July relating to an investigating into the 1Malaysia fund.
Global stock markets are lower so far Wednesday amid new data from China showing that consumer price increases were worse than expected in September. The CPI rose 1.6 per cent following 2 per cent in August. Analysts had expected 1.8 per cent.
The figures hit markets across the region with some of Japan’s automakers among the losers; overall Tokyo’s Nikkei was off by almost 2 per cent.
European indexes have responded to the news with all major markets trading lower so far this morning. The situation has been exacerbated by lower oil and copper prices.
Toronto and Wall Street are expected to open flat at best.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,081.89 (-0.29 per cent) | +4.34 per cent | +4.70 per cent |
| TSX Composite | 13,844.73 (+0.86 per cent) | +3.68 per cent | -1.37 per cent |
| Europe (at 5.35am ET) |
|||
| UK FTSE | 6,295.54 (- 0.74 per cent) | +3.47 per cent | - 1.52 per cent |
| German DAX | 9,939.35 (- 0.93 per cent) | -1.90 per cent | +12.62 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,406.11 (-1.13 per cent) | +3.81 per cent | +39.22 per cent |
| Japan Nikkei | 17,891.00 (+1.89 per cent) | -0.42 per cent | +19.78 per cent |
| Other Data (at 5.35am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 48.97 (-0.55 per cent) |
46.56 (-0.21 per cent) |
1174.30 (+0.76 per cent) |
U$0.7695 |
| Aus. Dollar |
|||
| U$0.7251 | |||
Russia says no to oil output cut
Russia’s energy minister was not accepting any blame for the global oil supply glut but was clear who is at fault – the US shale producers and OPEC. Alexander Novak told CNBC that his country has not significantly changed the level of output over the last few years while US shale has increased. He said that he doesn’t wish to see shale producers go out of business and noted that many former importers of oil are now producing their own supplies.
Another bank probe underway
US regulators and law enforcement are looking into possible involvement of Goldman Sachs in corruption and money laundering at the Malaysian state investment firm 1Malaysia Development Bhd. The FBI and Department of Justice are at the information gathering stage according to the Wall Street Journal but there is no suggestion of any wrongdoing by Goldman Sachs. The group’s Singapore arm was visited by anti-corruption officials from Malaysia in July relating to an investigating into the 1Malaysia fund.
