Morning Briefing: Equities higher as oil gains on OPEC talk rumours

Equities higher as oil gains on OPEC talk rumours... Metals, mining chiefs remaining positive...

Steve Randall
Equities higher as oil gains on OPEC talk rumours
Oil prices are up almost 1.5 per cent this morning following reports that OPEC producers may be preparing for new talks on freezing output.

Equities have been boosted by the oil gains but are also reacting to Friday’s US jobs data with Asian markets open for the first time since the figures were released.

Japan has led the gains for Asia, closing almost 2.5 per cent higher as a weaker yen also boosted exporters’ stocks. China’s main stock index closed higher despite weaker exports and imports in July. Hong Kong saw the second-largest increase of the day but all major markets closed higher.

European markets are also higher, boosted by US jobs, Asian markets and gains for banks and miners.

Wall Street and Toronto are expected to open higher.
  Latest 1 month ago 1 year ago
North America (previous session)
US Dow Jones 18,543.53 (+1.04 per cent) +2.19 per cent +6.74 per cent
TSX Composite 14,648.77 (+0.83 per cent) +2.73 per cent +2.42 per cent
Europe (at 4.30am ET)
UK FTSE 6,809.97 (+0.24 per cent) +3.33 per cent +1.36 per cent
German DAX 10,466.05 (+0.95 per cent) +8.69 per cent -8.92 per cent
Asia (at close)
China CSI 300 3,234.18 (+0.91 per cent) +1.31 per cent -17.22 per cent
Japan Nikkei 16,650.57 (+2.44 per cent) +10.22 per cent -19.66 per cent
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
(+1.29 per cent)
(+1.36 per cent)
(-0.56 per cent)
Aus. Dollar

Metals, mining chiefs remaining positive
A survey of executives in the global metals and mining industry shows that most expect their businesses to survive despite challenges. The KPMG poll shows that fewer than half of the execs are confident in the global economy over the next 2 years but almost two-thirds expect survival or even growth for their business.

“When growth does return, the market will likely be significantly different than in the past, particularly given the structural changes taking place and the environmental regulations currently being tabled around the world. You can’t just batten down the hatches and wait for the storm to pass. It seems these executives are making the best of a difficult situation.”