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Market Overview :  Tweet Markets rise on commodities rebound

US stocks closed higher on Wednesday as rebounding biotechnology and commodity stocks pushed them higher. The dollar edged higher with the ICE US dollar, a measure of dollar’s strength against a basket of six currencies, rising 0.1%. The S&P 500 gained 0.8% and ended at 1995.83, failing to break over the 2000 level but closing at seven week high. The Dow Jones Industrial Average advanced 0.7%, recording fourth winning session in a row. Energy stocks rebounded with rising oil. Miner Freeport-McMoRan Inc. was among the S&P’s best performers as it jumped about 10%, recording its seventh winning session in a row. Shares of software maker Adobe Systems fell 5.3% after it issued a lower-than-expected outlook for its coming fiscal year. Yum! Brands shares tumbled 19% after the owner of KFC, Pizza Hut and Taco Bell chains cut its earnings outlook for the year, citing a slower-than-expected recovery in China and currency issues. Several Federal Reserve policy makers will be speaking today on economic outlook and the minutes of Fed’s September meeting will be published. Today at 13:30 CET Initial Jobless Claims and Continuing Claims will be released in US. The tentative outlook is positive. At 14:30 CET Federal Reserve Bank of St. Louis President Bullard will give welcoming remarks at a symposium on savings. At 15:30 CET Natural Gas Storage Change will be released by the Energy Information Agency. At 18:00 CET Federal Reserve Bank of Minneapolis President Narayana Kocherlakota gives a welcoming speech at a forum in Minnesota. At 19:00 CET Federal Reserve September 16-17 meeting minutes will be released. And at 20:30 Federal Reserve Bank of San Francisco President Williams will speak about the economic outlook in Spokane, Washington.

European stocks edged higher on Wednesday, lifted by miners and energy companies. Euro weakened against the dollar. The Stoxx Europe 600 edged up 0.1% recording fourth winning session in a row, German DAX 30 closed up 0.7%. Besides a weakness in US dollar after rate hike timing expectations were pushed back into 2016 as Federal Reserve left the rates unchanged in September meeting and nonfarm payroll number came in lower than expected, miners were supported by an upbeat outlook forecast for mining equities by Morgan Stanley. Rio Tinto and BHP Billiton shares surged 7.5% and 4.6% respectively as the investment bank lifted its recommendation for companies to overweight from equal weight. Shares of energy companies advanced with rising oil prices. Tullow Oil rallied 8.6%, Subsea 7 jumped 7.3% and Total SA gained 2.2%. In economic news, data showed industrial output in Germany slumped in August and a report today indicated German trade balance in August fell more than expected. Today at 12:00 CET Bank of England Rate Decision will be released, the interest rate is expected to be left unchanged. At 12:30 CET ECB monetary policy meeting minutes will be released.

Nikkei fell 1% today as investors booked profits after six-session winning streak and market sentiment was hurt by weak machinery orders data.

Oil futures prices are rising today after closing lower the previous day following a US government report indicating surprise buildup in weekly crude inventories along with a climb in domestic production. November West Texas Intermediate crude oil price lost 1.5%. November Brent price on London’s ICE Futures exchange fell 1.1%. Prices had risen by more than 8% in the previous three sessions.

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