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European indices mixed while oil futures hit record highs

by | 25 Jan, 2018

European markets opened mixed this Thursday, tracking Asia’s session where stocks trended lower, thanks to a sliding U.S. Dollar and worries over firey protectionist comments from U.S. Commerce Secretary Wilbur Ross and Treasury Secretary Steve Mnuchin at Davos yesterday.

The Korean KOSPI was one of the only indices making significant gains across the Asia / Pacific region, finishing up 0.95 per cent higher, while the TOPIX fell 0.88 per cent and India’s NIFTY50 fell 0.36 per cent. Australia’s ASX200 held firm above 6,050 points. The index has been riding a wave of increasing risk appetite which has lifted it to highs not seen for the last 10 years.

On top of the mixed session in Asia, we saw a rather less impressive end to trading on Wall Street last night compared to the record smashing sessions we’ve become accustomed to. The S&P500 broke a winning streak to fall 0.6 per cent by the close of trading.

In Europe, investors will be eagerly awaiting the latest monetary policy decision from the ECB. It is expected to leave interest rates unchanged, but traders will be listening out for any cues Chief Mario Draghi will drop about the unwinding of the ECB’s major QE programme. Eurozone data has been generally positive in recent months with a resurgance in the value of the Euro, so words of optimism are expected. The DAX30 was the biggest loser in Europe Thursday, falling over 0.20 per cent, while the CAC40 was up 0.17 per cent and the Euro Stoxx 50 moved up 0.06 per cent.

The FTSE100 in Britain was flat, while Sky Plc was one of the fastest rising stocks, notching a 0.44 per cent gain after the firm announced group revenue had grown by £296 million in the six months to December 31st 2017. Advertising revenues grew by a cool 10 per cent and content revenue increased by 16 per cent, with Sky saying it was making good progress, having agreed its first multi-territory deal with Warner Bros and launching SkyQ in Italy. Sky made headlines recently after British authorities deemeed the 21st Century Fox takeover of the business under Rupert Murdoch was not in the public interest.

Oil markets were also on the up and up, with Brent Crude sitting firmly above $70.80 a barrel. Crude futures were up to levels not seen since 2015 at $66.27! See the chart.

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We are seeing a bull market in oil right now, with prices making serious headway for the first time since 2014/15

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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