Oil Firms Rise as Oil Prices Fall, the DAX Continues its Rebound
August 19, 2014 7:12 am
The Dow rose 1% in yesterday’s trading, creeping back up towards the 17,000 level, with the S&P also up by 0.85%. The US indices have been aided by a strong earnings season for Q2 2014, with a significant percentage of S&P 500 companies beating expectations. The strengthening US economy, with unemployment declining, has also played its part in the current rally.
Across the Atlantic this morning, the FTSE 100 rose by 0.5% this morning on the back of oil firm gains. Yesterday’s news of ISIS being dislodged from the Mosul Dam seems to have made it clear that there is significant opposition within Iraq to the Islamic State Militant Group. With the slight easing of fears regarding the threat to Iraqi oilfields, light sweet crude for September delivery fell below $97 a barrel and Brent Crude was at its lowest level for more than a year. BP shares are currently up by 0.64, whilst Royal Dutch Shell is currently up by around 0.7%.
Moving on to mainland Europe, the DAX is currently up by around 1%, continuing yesterday’s upward surge which saw the German Index climb by almost 1.7% as tensions between Russia and Ukraine seem to ease slightly, with the a deal being brokered to let Russian aid through to Eastern Ukraine.
Asian markets overnight also saw gains, with the Shanghai Composite closing up by around 0.25%, continuing its upward trajectory as blue chip stocks gain at the expense of tech. Shares. The Shanghai Composite has risen by 9% in the last month alone. Meanwhile, the Nikkei closed up by 0.83%, feeling the benefits of strong US Housing data. Japan’s Skymark Airlines was a big winner during the session as reports surfaced that Malaysian-based Air Asia was contemplating a takeover bid, with Skymark shares rising by 28%. However, this morning Air Asia denied having any interest in buying out the company.
UK CPI figures came in lower than expected this morning, with July seeing a 0.3% fall from June rather than the 0.2% decline expected. At 13:30 BST the US will also be announcing its CPI figures for last month.
The Dow rose 1% in yesterday’s trading, creeping back up towards the 17,000 level, with the S&P also up by 0.85%. The US indices have been aided by a strong earnings season for Q2 2014, with a significant percentage of S&P 500 companies beating expectations. The strengthening US economy, with unemployment declining, has also played its part in the current rally.
Across the Atlantic this morning, the FTSE 100 rose by 0.5% this morning on the back of oil firm gains. Yesterday’s news of ISIS being dislodged from the Mosul Dam seems to have made it clear that there is significant opposition within Iraq to the Islamic State Militant Group. With the slight easing of fears regarding the threat to Iraqi oilfields, light sweet crude for September delivery fell below $97 a barrel and Brent Crude was at its lowest level for more than a year. BP shares are currently up by 0.64, whilst Royal Dutch Shell is currently up by around 0.7%.
Moving on to mainland Europe, the DAX is currently up by around 1%, continuing yesterday’s upward surge which saw the German Index climb by almost 1.7% as tensions between Russia and Ukraine seem to ease slightly, with the a deal being brokered to let Russian aid through to Eastern Ukraine.
Asian markets overnight also saw gains, with the Shanghai Composite closing up by around 0.25%, continuing its upward trajectory as blue chip stocks gain at the expense of tech. Shares. The Shanghai Composite has risen by 9% in the last month alone. Meanwhile, the Nikkei closed up by 0.83%, feeling the benefits of strong US Housing data. Japan’s Skymark Airlines was a big winner during the session as reports surfaced that Malaysian-based Air Asia was contemplating a takeover bid, with Skymark shares rising by 28%. However, this morning Air Asia denied having any interest in buying out the company.
UK CPI figures came in lower than expected this morning, with July seeing a 0.3% fall from June rather than the 0.2% decline expected. At 13:30 BST the US will also be announcing its CPI figures for last month. 
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