Oil stabilising aftern Yellen’s say-so

After high volatility last Friday in connection with Fed chief Yellen’s speech, on Monday the price of oil has begun to stabilise. Oil yesterday was trading in a $49.0-$49.5 range per barrel of Brent and during the Asian session the price rose from $49.2 to $49.4. Tonight the API’s oil report will see the light of day.

World stock markets have already won back the losses incurred due to the possible US interest rate rise and the majority of them have returned to growth. Thus were the movements for the majority of Asian stock markets this morning. The Nikkei 225 has fallen by 0.1%. The ASX Australia is up 0.4%. The Shanghai Composite has decreased 0.1%, and the Hang Seng is up by 0.8%. Futures for the S&P500 are trading close to the closing level of the previous trading day at 2,179.

In July 2016, the total profit for leading industrial businesses, whose annual incomes from core business exceed 20 million yuan, was 523 billion yuan; an increase of 11% YoY. The speed in which this figure has risen is 5.9% higher than that of June. These statistics were published by the Chinese state statistical management agency and, according to the agency, the increase in the rate of growth is down to such things as a rise in sales and a fall in the cost of production, a rise in the price of metallurgic production and other key goods, and a rise in profit growth for the car industry.

The USD was trading up 0.55% against the yuan on Monday, and this morning it is slightly down at 6.6775 (-0.0055 or -0.08%).

After the spike of volatility we had last Friday linked to US interest rate expectations, the currency markets are returning to normal. The EUR/USD was trading in a 1.1160-1.1200 range. Data for US personal incomes and expenditure in July didn’t surprise anyone with a growth in both parameters. Tuesday morning sees the pair slightly down from 1.1190 to 1.1170. US housing index stats are to be published today from for June, in addition to consumer confidence data for August.

Source:: Oil stabilising aftern Yellen’s say-so

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