Crude Falls to Four-Year Low, USD Makes Further Gains Against the Yen
November 14, 2014 7:12 am
Asian stocks fell on Friday following fresh signs of slowing Chinese growth, with energy stocks depressed across the region as crude oil hovered near a four-year low in an oversupplied market. U.S. crude oil was down 0.1% at $74.17 a barrel after suffering a 3.9% slump on Thursday, when it fell to a four-year low of $74.07.
The Dow closed at a record high on Thursday, boosted by gains in Wal-Mart, but the S&P 500 was little changed as energy shares tracked crude futures prices lower. The Dow rose 40 points to close at 17,652 and the S&P500 gained 1 point to close at 2039.
The Dollar was up 0.3% to 116.16 Yen after scaling a new seven-year peak of 116.24 Yen on the back of firmer Japanese stocks. The Euro was down 0.4% at $1.2429, inching back towards a two-year low of $1.2358 struck last Friday.
Friday’s session will see the release of Euro zone GDP amid concerns about the health of the bloc’s economy. Analysts expect GDP to have risen by 0.7% year-on-year in the third quarter, after 0.9% growth the previous period. Separately, a report is forecast to confirm that consumer prices rose by 0.4% in October, well below the European Central Bank’s target of just under 2%.
Asian stocks fell on Friday following fresh signs of slowing Chinese growth, with energy stocks depressed across the region as crude oil hovered near a four-year low in an oversupplied market. U.S. crude oil was down 0.1% at $74.17 a barrel after suffering a 3.9% slump on Thursday, when it fell to a four-year low of $74.07.
The Dow closed at a record high on Thursday, boosted by gains in Wal-Mart, but the S&P 500 was little changed as energy shares tracked crude futures prices lower. The Dow rose 40 points to close at 17,652 and the S&P500 gained 1 point to close at 2039.
The Dollar was up 0.3% to 116.16 Yen after scaling a new seven-year peak of 116.24 Yen on the back of firmer Japanese stocks. The Euro was down 0.4% at $1.2429, inching back towards a two-year low of $1.2358 struck last Friday.
Friday’s session will see the release of Euro zone GDP amid concerns about the health of the bloc’s economy. Analysts expect GDP to have risen by 0.7% year-on-year in the third quarter, after 0.9% growth the previous period. Separately, a report is forecast to confirm that consumer prices rose by 0.4% in October, well below the European Central Bank’s target of just under 2%.
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