Equities higher but oil down as stockpile rises... China ramps up steel exports to near-record...
Equities higher but oil down as stockpile rises
Equity markets remain broadly higher Wednesday as investors’ risk appetite brings them back to stocks from safer havens such as gold.
Oil prices have slipped back overnight following strong gains Tuesday with data from the American Petroleum Institute showing a rise in the US crude stockpiles of 2.2 million barrels last week. Analysts had been expecting a decrease of 3 million barrels. Official government figures are due Wednesday.
Oil prices have also been impacted by comments from the International Energy Agency which warns that demand is easing while stocks remain high.
Asian equity markets closed higher with the new optimism of stimulus in Japan helping the Nikkei to the region’s strongest finish. The other Asian indexes also gained around 0.5 per cent.
European markets, while buoyed by Asia and a strong Wall Street showing in the previous session, remain subdued this morning. The UK’s new prime minister takes over later today which could bring forward to process of Brexit. One of her first jobs will be to appoint a minister to lead the negotiations with the EU.
Wall Street and Toronto are expected to open higher. Canadian interest rates are in focus north of the border along with a monetary policy report from BoC governor Stephen Poloz.
China ramps up steel exports to near-record
Chinese steel exports were at their second highest level on record in June as trade tensions increase.
Bloomberg reports that year-over-year sales were up 23 per cent to 10.94 metric tonnes and first-half year sales were at a record for the period. China has been escalating exports of steel due to overproduction but has faced sharp criticism for flooding the market with cheap steel.
Equity markets remain broadly higher Wednesday as investors’ risk appetite brings them back to stocks from safer havens such as gold.
Oil prices have slipped back overnight following strong gains Tuesday with data from the American Petroleum Institute showing a rise in the US crude stockpiles of 2.2 million barrels last week. Analysts had been expecting a decrease of 3 million barrels. Official government figures are due Wednesday.
Oil prices have also been impacted by comments from the International Energy Agency which warns that demand is easing while stocks remain high.
Asian equity markets closed higher with the new optimism of stimulus in Japan helping the Nikkei to the region’s strongest finish. The other Asian indexes also gained around 0.5 per cent.
European markets, while buoyed by Asia and a strong Wall Street showing in the previous session, remain subdued this morning. The UK’s new prime minister takes over later today which could bring forward to process of Brexit. One of her first jobs will be to appoint a minister to lead the negotiations with the EU.
Wall Street and Toronto are expected to open higher. Canadian interest rates are in focus north of the border along with a monetary policy report from BoC governor Stephen Poloz.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 18,347.67 (+0.66 per cent) | +3.47 per cent | +2.06 per cent |
| TSX Composite | 14,477.67 (+0.81 per cent) | +3.46 per cent | -0.38 per cent |
| Europe (at 4.30am ET) |
|||
| UK FTSE | 6,670.04 (-0.16 per cent) | +10.34 per cent | -1.01 per cent |
| German DAX | 9,948.98 (-0.15 per cent) | +3.02 per cent | -13.37 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,282.87 (+0.30 per cent) | +7.06 per cent | -22.06 per cent |
| Japan Nikkei | 16,231.43 (+0.84 per cent) | +1.32 per cent | -19.21 per cent |
| Other Data (at 4.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 47.78 (-1.42 per cent) |
46.24 (-1.20 per cent) |
1342.00 (+0.50 per cent) |
U$0.7653 |
| Aus. Dollar |
|||
| U$0.7595 | |||
China ramps up steel exports to near-record
Chinese steel exports were at their second highest level on record in June as trade tensions increase.
Bloomberg reports that year-over-year sales were up 23 per cent to 10.94 metric tonnes and first-half year sales were at a record for the period. China has been escalating exports of steel due to overproduction but has faced sharp criticism for flooding the market with cheap steel.
