Greek Crisis Continues, US Crude Drops by 4% After Announcement of Significant Surplus
July 2, 2015 6:07 am
US and some Asian stocks closed higher for a third consecutive day and the Dollar climbed on Thursday, helped by encouraging ADP employment data, though weak Chinese stocks and Greece’s standoff with its creditors cast a shadow over markets. The Nikkei share average ended 193.18 points higher at 20,522.50, the Dow closed 138 points higher at 17,757 whilst the S&P500 gained 14 points to close at 2,077. However, the Shanghai Composite saw another session of decline, with the index closing down by 3.48% at 3,912.77.
The Euro was up 0.1% at $1.1068 after suffering 0.9% drop on Wednesday, having lost about 1% this week, The Dollar was also up against the Yen, gaining 0.2% to 123.44 and hovering near a one-week high. U.S. crude dropped over 4% yesterday after crude stockpiles came out as much larger than expected, with a surplus of over 4M barrels. Crude is trading around the $57-a-barrel level.
Within the equity space Pub group Greene King edged higher as it reported record retail revenue of £1bn in its full-year results, although profits leaked lower as a result of a decline in like-for-like sales and the impact of the disposal of 275 pubs to Hawthorn Leisure.
Moving over to the Greek debt deal fiasco, a defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal, wrecking any prospect of repairing broken relations with European Union partners before a referendum on Sunday that may decide Greece’s future in Europe.
US and some Asian stocks closed higher for a third consecutive day and the Dollar climbed on Thursday, helped by encouraging ADP employment data, though weak Chinese stocks and Greece’s standoff with its creditors cast a shadow over markets. The Nikkei share average ended 193.18 points higher at 20,522.50, the Dow closed 138 points higher at 17,757 whilst the S&P500 gained 14 points to close at 2,077. However, the Shanghai Composite saw another session of decline, with the index closing down by 3.48% at 3,912.77.
The Euro was up 0.1% at $1.1068 after suffering 0.9% drop on Wednesday, having lost about 1% this week, The Dollar was also up against the Yen, gaining 0.2% to 123.44 and hovering near a one-week high. U.S. crude dropped over 4% yesterday after crude stockpiles came out as much larger than expected, with a surplus of over 4M barrels. Crude is trading around the $57-a-barrel level.
Within the equity space Pub group Greene King edged higher as it reported record retail revenue of £1bn in its full-year results, although profits leaked lower as a result of a decline in like-for-like sales and the impact of the disposal of 275 pubs to Hawthorn Leisure.
Moving over to the Greek debt deal fiasco, a defiant Prime Minister Alexis Tsipras urged Greeks on Wednesday to reject an international bailout deal, wrecking any prospect of repairing broken relations with European Union partners before a referendum on Sunday that may decide Greece’s future in Europe.
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