Morning Briefing: Oil down again, equities mixed

Oil down again, equities mixed... OECD calls for more to be done on globalization, Canadian housing...

Morning Briefing: Oil down again, equities mixed
Steve Randall
Oil down again, equities mixed
Oil prices have slipped back overnight following strong gains in the previous session. The easing of prices is focused on the global supply glut although the losses have been eased by falling US stockpiles and the tension in the Middle East regarding Qatar.

Asian equity markets closed mostly mixed as investors await the UK election and ECB meeting together with sacked FBI director James Comey’s testimony to the US Senate.

Australia’s GDP data was stronger than expected but shows a slowdown from the first quarter. Sydney closed flat along with Tokyo while Shanghai was the strongest performer.

European markets are also mixed with German data showing weaker factory orders while UK home prices beat expectations. London and Paris are leading the strongest indexes.

Wall Street and Toronto are expected to open flat. Canadian building permits, US mortgage applications and US crude oil and gasoline inventory data are all due.
 

 

Latest

1 month ago

1 year ago

 

North America (previous session)

US Dow Jones

21,136.23 (-0.23 per cent)

+0.62 per cent

+17.83 per cent

TSX Composite

15,464.56 (+0.36 per cent)

-0.75 per cent

+7.65 per cent

 

Europe (at 5.00am ET)

UK FTSE

7,538.95 (+0.19 per cent)

+3.31 per cent

+19.96 per cent

German DAX

12,678.31 (-0.09 per cent)

-0.30 per cent

+23.24 per cent

 

Asia (at close)

China CSI 300

3,533.87 (+1.17 per cent)

+4.47 per cent

+11.23 per cent

Japan Nikkei

19,984.62 (+0.02 per cent)

+2.77 per cent

+19.84 per cent

 

Other Data (at 5.00am ET)

Oil (Brent)

Oil (WTI)

Gold

Can. Dollar

49.86

(-0.52 per cent)

47.95

(-0.50 per cent)

1295.40

(-0.16 per cent)

U$0.7445

 

Aus. Dollar

U$0.7556



OECD calls for more to be done on globalization, Canadian housing
Globalization is not working for all but things are improving for global growth.

That’s one of the takeaways from the latest economic outlook from the OECD which notes that after five years of weakness, the general picture is better.

Stronger business and consumer confidence, rising industrial production and recovering employment and trade flows will all contribute to an improvement in global GDP growth from 3.0 per cent in 2016 to 3.6 per cent in 2018, according to the Outlook.

Canada is expected to see growth in 2017 and 2018 but it will ease. There is also the risk from protectionist policies from the US.

The OECD also says that further tightening of policy to protect against risk in the housing market may be necessary.

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