Crude Prices Drop Further, Standard Chartered Stock Plummets
October 28, 2014 8:00 am
U.S. stocks ended near flat on Monday, pausing after the S&P 500’s biggest weekly gain since January 2013, while energy shares fell with another decline in oil prices. The Dow closed up 12 points at 16817 and the S&P500 closed down 3 points at 1961.
The Dollar was flat on the day against its Japanese counterpart at 107.82 Yen but remained below Monday’s nearly three-week high of 108.38. The greenback inched up slightly against the Euro to $1.2702 which came under pressure in the previous session after Germany’s closely watched IFO report of business sentiment came in at its lowest reading in almost two years in October, indicating that Europe’s largest economy faces continuing challenges.
U.S. crude for December was down about 0.4 percent at $80.72 per barrel after dropping as low as $79.44 on Monday, its lowest level since June 2012, after Goldman Sachs cut its price forecasts. Brent crude shed 0.6 percent to $85.34, as concerns about weak global demand and ample supply continued to loom over the market. Spot gold recouped earlier losses to rise 0.3 percent to $1,229.60, pulling away from two-week lows.
Standard Chartered said operating profit for the third quarter fell 16 percent, hurt by rising costs from the restructuring of its South Korean business and a doubling of impaired loans. The firm’s stock is currently down by around 7.4%.
Today sees the start of the U.S. Federal Reserve’s two-day meeting, with markets looking for clues regarding the direction of U.S. interest rates. The Fed is expected to announce the completion of its quantitative easing program and will likely reinforce its stated willingness to wait a long while before hiking interest rates after a volatile month in financial markets.
Data today sees US Durable Goods, 0.5% expected vs 0.7% previous at 12:30 and at 2pm the market sees US Consumer Confidence; 87 expected vs. 86 previous. European indices are currently trading in positive territory with the FTSE up 0.5% and the Dax up by 1.3%.
U.S. stocks ended near flat on Monday, pausing after the S&P 500’s biggest weekly gain since January 2013, while energy shares fell with another decline in oil prices. The Dow closed up 12 points at 16817 and the S&P500 closed down 3 points at 1961.
The Dollar was flat on the day against its Japanese counterpart at 107.82 Yen but remained below Monday’s nearly three-week high of 108.38. The greenback inched up slightly against the Euro to $1.2702 which came under pressure in the previous session after Germany’s closely watched IFO report of business sentiment came in at its lowest reading in almost two years in October, indicating that Europe’s largest economy faces continuing challenges.
U.S. crude for December was down about 0.4 percent at $80.72 per barrel after dropping as low as $79.44 on Monday, its lowest level since June 2012, after Goldman Sachs cut its price forecasts. Brent crude shed 0.6 percent to $85.34, as concerns about weak global demand and ample supply continued to loom over the market. Spot gold recouped earlier losses to rise 0.3 percent to $1,229.60, pulling away from two-week lows.
Standard Chartered said operating profit for the third quarter fell 16 percent, hurt by rising costs from the restructuring of its South Korean business and a doubling of impaired loans. The firm’s stock is currently down by around 7.4%.
Today sees the start of the U.S. Federal Reserve’s two-day meeting, with markets looking for clues regarding the direction of U.S. interest rates. The Fed is expected to announce the completion of its quantitative easing program and will likely reinforce its stated willingness to wait a long while before hiking interest rates after a volatile month in financial markets.
Data today sees US Durable Goods, 0.5% expected vs 0.7% previous at 12:30 and at 2pm the market sees US Consumer Confidence; 87 expected vs. 86 previous. European indices are currently trading in positive territory with the FTSE up 0.5% and the Dax up by 1.3%.
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