Subscribe to RSS

Forex Market Overview: Energy stocks slump on oil glut

US dollar weakened on Monday after the weaker-than-expected U.S. home sales data (-11.5% in September) were released with the US dollar index, a measure of the dollar value against the basket of six major currencies, falling 0.2% from its 10-week high. Trade volume on US stock exchanges was 16% lower the 20-day average of 7.3bn stocks. S&P 500 dipped 0.19% mainly dragged down by the energy sector (-2.52%) and basic materials (-0.96%). Chesapeake Energy Corp stocks lost 8.94%, Range Resources lost 7.34%, Consol Energy Inc lost 6.74% on dropping oil prices. Exxon stocks lost 2.1% and Chevron declined 2.7% on the news the global fuel storage sites close to capacity. Apple Inc. stocks slumped 3.2% ahead of its quarterly earnings. This month S&P 500 sky-rocketed 7.9% so the market is consolidating now, according to the analysts. Dow Jones Industrial Average live chart shows the index lost 0.13% while Nasdaq rose 0.06%. The Nasdaq top performer was Ctrip.com stocks that surged 22.1% on the news of its merger with Qunar Cayman Islands. Pep Boys stocks shot 23.4% on the news it agreed to be acquired by Bridgestone. Today in the US the August durable goods orders are expected to come out, the tentative outlook is positive. At 14:00 CET several Case-Shiller US home price indices will be released. At 14:45 CET the Markit US August Composite PMI and preliminary October Services PMI will come out. At 15:00 CET the preliminary October consumer confidence will be released, it is expected to remain unchanged.

The European stock market was in decline on Monday as the markets played out the effect of the rate cut in China. EUR/USD pair was nearly flat at 1.1018 adding 0.1%. FTSE Eurofirst 300 dropped 0.41%, CAC 40 fell 0.2%. Meanwhile, the better-than-expected IFO business climate survey came out in Germany supporting the national market and the confidence in the European locomotive economy. This resulted in DAX 30 index rising 0.1% yesterday. It lost 12% since April due to the Volkswagen scandal and China’s slowdown and analysts believe it is being oversold now and has potential of further growth. Trade volumes on the EU exchanges were modest being a quarter lower than the 90-day average volume for the FTSEurofirst. Peugeot stocks slid 3.6% down despite its positive earnings report as markets reacted on a sharp decline in the carmaker’s sales in Asia. Philips stocks were in red losing 0.4% as the U.S. opposed the sale of its subsidiary Lumileds producing light bulbs. On Monday British pound pulled back from its 12-day low against the dollar as the latter weakened on weak US statistics. Today at 10:30 CET the UK GDP for the 3rd quarter will be released, the tentative outlook is neutral.

Nikkei index climbed 0.7% on Monday while USD/JPY dipped 0.4% to 120.98 yen. In China stocks were nearly flat on expectations policymakers in major economies will not tighten their monetary policy. The Shanghai Composite Index edged 0.5% up.

On Monday Brent crude oil price fell 0.63% to $47.24 a barrel while Light Sweet crude fell 1.18% to $43.46 due to the data on the U.S. commercial crude stocks have been increasing for a 5th consecutive week fuelling glut worries.

Gold futures decreased 0.1% to 1165.8 a troy ounce.

Copper added 0.81% on COMEX exchange. Last week aluminum slid down to hit a fresh 6-year low of $1479 a tonne and continued to extend losses yesterday. The metal prices are depressed due to its excessive production in rivalrous China and the US.

More Details

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

Up to 444% Profit Receive for a Single Trade – Grand Capital

Up to 444% Profit Receive for a Single Trade – Grand Capital(0)

Up to 444% Receive Profit with our new Express Options for Grand Capital Ltd Binary Option Broker. Make a correct prediction for 3 assets at the same time Link: Up to 444% Profit Receive for a single trade Link:  $500 Forex No Deposit Welcome Bonus Link:  40% Forex Welcome Deposit Bonus Available to: All new

$6000 First Deposit Bonus Limited Time Offer – XTrade

$6000 First Deposit Bonus Limited Time Offer – XTrade(0)

Up to $6000 First Deposit Bonus Limited Time Offer (T&C applied) on all Deposits for all Customers. Become an XTrade customer, and get 60% Forex Special bonuses (T&C applied) on all deposits made during your first 7 days!! Link:  $50 Free Cash Welcome Bonus Promotion  (T&C applied) Link:  $30 Free Account Verification Bonus (T&C applied) Link: 

50% Deposit Bonus and $50 No Deposit Bonus – FortFs

50% Deposit Bonus and $50 No Deposit Bonus – FortFs(0)

$50 Forex No Deposit Bonus Promo Action to all eligible clients. Every client who passed the verification process in their trader’s room can get the $50 No Deposit Welcome Bonus Link:  $50 Forex No Deposit Welcome Bonus Link:  Up to 50% Bonus of Every Deposit Link:  15% Support Margin Bonus Promo Available to: New and

15% Forex Welcome Deposit Bonus Up to $1000 – XM

15% Forex Welcome Deposit Bonus Up to $1000 – XM(0)

15% Forex Welcome Deposit Bonus Up to $1000 and $30 Forex No Deposit Bonus Welcome Bonus brings Real Account clients the best rewards available. Entering the markets and trading with XM enables you to earn from your trades and build your own bonus up to a maximum of $1,000. Link:  $30 Forex No Deposit Bonus

Free $200 Earn with Binary No Deposit Bonus – Ayrex

Free $200 Earn with Binary No Deposit Bonus – Ayrex(0)

Earn $200 Free with Binary Options No Deposit Bonus to all new activated trading account. Ayrex presents its very first Binary Options No Deposit Bonus for new traders. Sign up to get FREE $30 and turn them into a fully withdrawable $200! Link: $200 Earn with No Deposit Bonus Link:  $100 Free Win in Just One

$30 Free No Deposit Welcome Bonus Campaign – Tickmill

$30 Free No Deposit Welcome Bonus Campaign – Tickmill(0)

$30 Free No Deposit Welcome Bonus Campaign to All new traders. $30 Free Welcome Account is available to all new clients who expressed a wish for it during the registration process. Link:  $30 Free Welcome Bonus Offer Available to: All new traders Ending Date: 31 December 2017 Bonus Offer: $30 Free No Deposit Welcome Bonus

Get $2017 No Deposit Hot Bonus Promotion – FreshForex

Get $2017 No Deposit Hot Bonus Promotion – FreshForex(0)

$2017 No Deposit Hot Forex Bonus Offer to all new verified customers. The $2017 Hot No Deposit Forex Bonus offers you a unique opportunity to test trading strategies of FreshForex Link:  $2017 No Deposit Hot Bonus offers Available to: All New Traders. Ending Date: 30 April 2017 Bonus Offer: $2017 No Deposit Exclusive Hot Bonus

100% Real Money Cash Back Bonus Promotion – UFX

100% Real Money Cash Back Bonus Promotion – UFX(0)

100% Real Money CashBack Promotion 2018 to all new and existing clients. Join and gain exclusive access to the ONLY online trading 100% Cashback rewards bonus program Link:  100% Real Money CashBack Promotion Link:  $50 Forex No Deposit Bonus Promotion Available to: All new trading account Ending Date: 31 December 2017 Bonus offer: 100% Real

$15 Cashback Rebate Bonus per Lot Traded – FBS

$15 Cashback Rebate Bonus per Lot Traded – FBS(0)

$15 Cash back Rebate Forex Bonus per Lot Traded to All new traders. $15 Cashback Rebate Forex Bonus service is unavailable for the clients, who registered their accounts via their partners. Link:  $15 Cashback Rebate per Lot Traded Link:  100% Forex Deposit Bonus Promotion Link:  100% Forex Deposit Bonus Promotion Available to: All new traders

100% Easy Welcome Deposit Bonus Promo – Trade12

100% Easy Welcome Deposit Bonus Promo – Trade12(0)

Free Daily Forex Trading Signals via SMS. EMAIL. SKYPE. WHATSAPP and 100% Easy Welcome Deposit Bonus Promo to your Live Trading Account, Free E-Books Link:  Free Daily Forex Trading Signals Link:  Get 100% Welcome Deposit Bonus Link:  Get Forex Free E-Books Available to: All new clients Ending Date: 31 December 2017 Bonus Offer: Get 100%

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories