Subscribe to RSS

Market Overview :  Tweet Commodities on lows, global markets drop

The US stocks were sharply declining on Thursday the session being the worst in over a month due to the reduced commodity prices and Fed hints on the upcoming rate hike. The dollar weakened on the New York Fed President William Dudley comments with the US dollar index, a measure of the dollar’s strength against a basket of six major currencies edging 0.49% lower at 98.528. S&P 500 fell 1.40 with all its ten sectors being in the red and energy and materials leading the decline. Dow Jones fell 1.44%. Chevron and Exxon stocks fell more than 2% each on lower oil prices, weighing on US stock indices. Advanced Auto Parts plummeted 12% on low quarterly profit. PayPal lost 3% on the news Apple Inc was planning to develop its own payment service. Retailers were among the top performers with Kohl’s shares adding 7% on better-than-expected quarterly net sates. J.C.Penny was up 3.3% and Cisco added 0.7%. During the day Nordstorm added 2.2% but after the bell it reported its weak third quarter earnings which dragged its shares 16% down. Today at 14:30 CET the US advance retail sales for September will be released, the tentative outlook is positive. At 16:00 CET the University of Michigan consumer confidence index for October will be released, the outlook is positive.

FTSEurofirst 300 index slid 1.6% down to 1,470.05 points, its sharpest decline in 6 weeks. Britain’s FTSE fell 1.7%, French CAC 40 fell 1.9% and German Dax 30 index fell 1.1%. The EUR/USD pair traded lower on the dovish ECB President comments having hit the 6-1/2 month low on Tuesday but later was supported by the weakening US dollar and rebounded to $1.0804 on Thursday adding 0.57%. Rolls-Royce cut its profit outlook for 2016 which pushed the company’s stocks 19.9% lower. The German utility RWE plummeted 9.6% after profit warning, the Dutch insurance company Aegon declined 11.1% having missed profit forecasts. Up to now, 86% of STOXX Europe 600 components have reported their earnings so far with 51% showing the results better or in line with the expectations. In Germany the preliminary GDP for Q3 was released today slightly improved from the previous reading. The EU September GDP year-over-year will be released today at 11:00 CET. No more important data is expected today in Eurozone.

Asian markets were in the red zone because of the falling commodity prices. The slump in commodities was caused by the slowing demand for them and their increasing stockpiles making the demand-supply imbalance even worse. Nikkei index fell 0.9% today after 7 straight days of increase but yet shows the weekly gain of about 1.3%. The USD JPY pair weakened 0.19% to 122.59. The Chinese yuan is weakening today against the US currency as the People’s Bank of China has cut its midpoint rate and the increased corporate demand for the dollar. The Shanghai Composite index declined 1.3%. Despite the tumbling commodities the Australian dollar holds firmly adding 0.9% yesterday due to the strong jobs reports.

Brent crude oil prices slid down to the late-August lows partly due to the weak inflation and industrial output data that were released this week in China. Brent crude futures edged 3.9% lower to $44.04 a barrel while the WTI futures traded near their 2-1/2 low of $41.54 a barrel being pushed lower by the rising U.S. stockpiles data.

Copper is falling for the 4th straight week and losing 3.3% this week. On Thursday it traded at $4.825 a tonne, slightly above its 6-year lows of $4.800 a tonne.

More Details

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

An Early Merry Christmas Special Gift 2016 – Trade12

An Early Merry Christmas Special Gift 2016 – Trade12(0)

An Early Merry Christmas Special Gift 2016, The most awaited season of the year is just around the corner! Trade12 wishes to celebrate Christmas by giving away special gifts to its traders. Link:  An Early Merry Christmas Gift Link:  100% Welcome Deposit Bonus Link:  Receive Trading Signals for Free Available to: All new clients Ending

Earn $200 with Binary Options No Deposit Bonus – Ayrex

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

$200 Earn with No Deposit Free Bonus to all new activated trading account. Ayrex presents its very first Binary Options No Deposit Free 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

100% Real Money CashBack Promotion 2017 – UFX

100% Real Money CashBack Promotion 2017 – UFX(0)

100% Real Money CashBack Promotion 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 2016 Bonus offer: 100% Real Money

50% Deposit Bonus and 10 USD Free Bonus – Hirose UK

50% Deposit Bonus and 10 USD Free Bonus – Hirose UK(0)

50% Deposit Bonus Campaign Maximum Bonus Amount is Unlimited for all customers And 10 USD No Deposit Bonus for Binary Options Campaign is available for new clients who open a Binary Option Account. It’s that simple. Link:  $10 Binary No Deposit Bonus Link:  50% Deposit Bonus Campaign Available to: All new traders Ending Date: 31

$2017 Forex No Deposit Exclusive Bonus – FreshForex

$2017 Forex No Deposit Exclusive Bonus – FreshForex(0)

$2017 HotNo Deposit Exclusive Bonus Offer to all new verified customers. The $2017 Forex No Deposit Bonus offers you a unique opportunity to test trading strategies of FreshForex Link:  $2017 Hot No Deposit Bonus offers Available to: All New Traders. Ending Date: 15 January 2017 Bonus Offer: $2017 Forex No Deposit Exclusive Bonus Offer to

100% Bonus Forex and Binary Options- MarketsYes

100% Bonus Forex and Binary Options- MarketsYes(0)

100% Holiday Cheer Deposit Bonus 2016 Forex / CFD and Binary Options to all New Traders. MarketsYes is glad to offer prospective clients for every deposit up to 1000 USD/EUR/GBP a 100% Holiday Cheer Deposit Bonus Link: 100% Holiday Cheer Deposit Bonus 2016 Link:  $25 Free Bonus Forex / CFD & Binary Options Available to:

$10 Binary Options No Deposit Bonus – Hirose UK

$10 Binary Options No Deposit Bonus – Hirose UK(0)

$10 Binary Options Free No Deposit Bonus Campaign is available for new clients who open a Binary Option Account. It’s that simple. Link: $10 Free No Deposit Bonus Link: 50% First Deposit Bonus Available to: All new Binary Option Account Validity Date: 31 December 2017 Bonus Offer: $10 Binary Options Free No Deposit Bonus Campaign

$30 Free Bonus Plus 30% Deposit Bonus – Ayrex

$30 Free Bonus Plus 30% Deposit Bonus – Ayrex(0)

$30 Binary Options No Deposit Bonus to all New activated Clients. 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! This bonus allows you to profit without making an investment and trade binary options risk-free. Link:  $30

$50 Forex No Deposit Bonus Exclusive Offer – FortFS

$50 Forex No Deposit Bonus Exclusive Offer – FortFS(0)

$50 Forex No Deposit Bonus Exclusive Offer to New and Existing Traders. The $50 Forex No Deposit Welcome Bonus can be received within the promotional time period, from 28.11.2016 to 07.12.2016 inclusive. Link:  $50 Forex No Deposit Welcome Bonus Link:  Up to 50% Bonus of Every Deposit Link:  15% Support Margin Bonus Available to: New

$25 Countdown Forex Bonus Promotion 2017 – ForexTime

$25 Countdown Forex Bonus Promotion 2017 – ForexTime(0)

$25 Countdown Forex Bonus Promotion 2017 new and existing will be eligible traders. ForexTime is offering by receive a $25 credit bonus when they make a deposit of $300 into their accounts*. Link:  $25 Countdown Credit Bonus 2017 Link:  Loyalty Cashback Promotions Link:  $4 Cashback back for every lot Ending Date: 31 December 2016 Available

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