BP Settles with Halliburton and Transocean, USD Near 2-Month Peak Against Yen
May 21, 2015 6:07 am
Stock market gains were capped on Thursday in much of Asia after downbeat factory activity data from China, but shares in Shanghai focused on the potential positives from the weak reading and rallied. Meanwhile, U.S. stocks ended marginally lower on Wednesday after Wall Street saw little in the minutes from last month’s Federal Reserve meeting to alter expectations of when the central bank will raise interest rates. The Dow fell 26 points to close at 18,285, the S&P500 lost 1 point to end at 2,125.
The Dollar fetched 121.075 yen, not too far from a two-month peak of 121.49 struck overnight. The Euro hovered near a two-week low of $1.1062, having slid from a three-month peak of $1.1468 touched late last week. The Australian Dollar rose 0.4% to $0.7904, putting on some distance from a two-week trough of $0.7861. A sharp drop in prices of iron ore, Australia’s main export commodity, has weighed on the Aussie.
In commodities, U.S. crude rose 17 cents to $59.15 a barrel as a rebound following days of losses continued. Oil prices had bounced on Wednesday after a five-day decline, but a large supply overhang and concerns over a strong Dollar capped gains.
Within the equity space, BP Plc has settled with oilfield services provider Halliburton Co and contract driller Transocean Ltd regarding claims related to the 2010 Gulf of Mexico oil spill, the worst offshore disaster in U.S. history. BP still faces a potential fine of up to $13.7 billion under the U.S. Clean Water Act.
Stock market gains were capped on Thursday in much of Asia after downbeat factory activity data from China, but shares in Shanghai focused on the potential positives from the weak reading and rallied. Meanwhile, U.S. stocks ended marginally lower on Wednesday after Wall Street saw little in the minutes from last month’s Federal Reserve meeting to alter expectations of when the central bank will raise interest rates. The Dow fell 26 points to close at 18,285, the S&P500 lost 1 point to end at 2,125.
The Dollar fetched 121.075 yen, not too far from a two-month peak of 121.49 struck overnight. The Euro hovered near a two-week low of $1.1062, having slid from a three-month peak of $1.1468 touched late last week. The Australian Dollar rose 0.4% to $0.7904, putting on some distance from a two-week trough of $0.7861. A sharp drop in prices of iron ore, Australia’s main export commodity, has weighed on the Aussie.
In commodities, U.S. crude rose 17 cents to $59.15 a barrel as a rebound following days of losses continued. Oil prices had bounced on Wednesday after a five-day decline, but a large supply overhang and concerns over a strong Dollar capped gains.
Within the equity space, BP Plc has settled with oilfield services provider Halliburton Co and contract driller Transocean Ltd regarding claims related to the 2010 Gulf of Mexico oil spill, the worst offshore disaster in U.S. history. BP still faces a potential fine of up to $13.7 billion under the U.S. Clean Water Act.
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