Energy Shares Rebound, US Stocks Fall for 4th Day in a Row
January 15, 2015 7:00 am
Asian stocks mostly edged up on Thursday after a significant rebound in oil and copper prices brought a semblance of calm, while the Dollar regained ground lost on disappointing U.S. retail sales. U.S. stocks fell for a fourth day on Wednesday as a World Bank forecast fuelled concerns about global economic weakness and Copper prices sank, although a late-day rebound in energy shares left the market well off its lows after a volatile session. The Dow closed 186 points lower at 17,427 and the S&P500 lost 11 points to close at 2,011.
The Euro fetched $1.1775, limping away from a nine-year low of $1.1728. The Dollar crawled up 0.3 percent to 117.72 Yen after going as low as 116.06 overnight, its lowest in a month.
Wednesday’s 4.5% surge in Brent crude futures, the biggest percentage gain since June 2012, came as traders covered themselves on expiring options. However, the tone remains bearish because of the supply glut and on Thursday Brent had fallen back 19 cents to $48.50 a barrel by 0605 GMT. On Tuesday it hit $45.19, the lowest since March 2009. U.S. crude was down 0.9% at $48.06 a barrel after surging nearly 6% overnight. Copper skidded to a 5-1/2-year low on Wednesday as the recent decline in oil prices amplified fears about the state of the global economy. The industrial metal is generally considered a barometer of world demand. After plunging 5.3% overnight, benchmark LME copper rose 1.3% to $5,622 a tonne.
Within the equity space Associated British Foods, the owner of Primark, said on Thursday it expects a marginal decline in earnings for its 2014-15 year, with growth in its Primark discount fashion chain offset by weakness in its sugar business. The stock was up 2% in early trade at 3110p per share.
Asian stocks mostly edged up on Thursday after a significant rebound in oil and copper prices brought a semblance of calm, while the Dollar regained ground lost on disappointing U.S. retail sales. U.S. stocks fell for a fourth day on Wednesday as a World Bank forecast fuelled concerns about global economic weakness and Copper prices sank, although a late-day rebound in energy shares left the market well off its lows after a volatile session. The Dow closed 186 points lower at 17,427 and the S&P500 lost 11 points to close at 2,011.
The Euro fetched $1.1775, limping away from a nine-year low of $1.1728. The Dollar crawled up 0.3 percent to 117.72 Yen after going as low as 116.06 overnight, its lowest in a month.
Wednesday’s 4.5% surge in Brent crude futures, the biggest percentage gain since June 2012, came as traders covered themselves on expiring options. However, the tone remains bearish because of the supply glut and on Thursday Brent had fallen back 19 cents to $48.50 a barrel by 0605 GMT. On Tuesday it hit $45.19, the lowest since March 2009. U.S. crude was down 0.9% at $48.06 a barrel after surging nearly 6% overnight. Copper skidded to a 5-1/2-year low on Wednesday as the recent decline in oil prices amplified fears about the state of the global economy. The industrial metal is generally considered a barometer of world demand. After plunging 5.3% overnight, benchmark LME copper rose 1.3% to $5,622 a tonne.
Within the equity space Associated British Foods, the owner of Primark, said on Thursday it expects a marginal decline in earnings for its 2014-15 year, with growth in its Primark discount fashion chain offset by weakness in its sugar business. The stock was up 2% in early trade at 3110p per share.
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