US & Asian Stocks End in Positive Territory, Glencore Stock is Up 10% in Early Trade
September 30, 2015 6:01 am
Both US and Asian stocks ended in positive territory after a volatile session in which a weak outlook for commodities, China’s flagging economy and the health of the global economy gripped markets. The Dow closed at 16049 the S&P500 at 1884.
Commodity currencies stalled while the U.S. dollar held firm. The Canadian dollar traded near an eleven year low of C$1.3463 per dollar hit overnight. The dollar, meanwhile, slipped 0.1% to 119.83 yen. The euro was treading water at $1.1252.
U.S. crude fell more than 1 percent to $44.77 a barrel, while Brent slid 0.8 percent to $47.85. Benchmark three month copper on the London Metal Exchange rose 0.5 percent to $4,993 a tonne, compared with a six-year low of $4,855 hit in August. Spot Gold was trading at $1123.
In a media statement on Wednesday, Glencore said it has taken proactive steps to position the company to withstand current commodity market conditions. “Our business remains operationally and financially robust – we have positive cash flow, good liquidity and absolutely no solvency issues,” it said. Glencore said it’s getting on and delivering a suite of measures to reduce its debt levels by up to $10.2bn. Glencore stock is up 10% in early trade at 87p per share.
Sainsbury are also in focus after Full-year underlying pre-tax profits at the supermarket giant are expected to be moderately ahead of its £548m forecast, the company said on Wednesday. In a second quarter trading statement, the company said total retail sales for the period were up 0.3% excluding fuel sales, and down 1.8% if petrol was included. Like-for-like retail sales fell 1.1 per cent excluding fuel and were 3.3% lower including petrol. The stock is up 12% in early trade at 256p per share.
Both US and Asian stocks ended in positive territory after a volatile session in which a weak outlook for commodities, China’s flagging economy and the health of the global economy gripped markets. The Dow closed at 16049 the S&P500 at 1884.
Commodity currencies stalled while the U.S. dollar held firm. The Canadian dollar traded near an eleven year low of C$1.3463 per dollar hit overnight. The dollar, meanwhile, slipped 0.1% to 119.83 yen. The euro was treading water at $1.1252.
U.S. crude fell more than 1 percent to $44.77 a barrel, while Brent slid 0.8 percent to $47.85. Benchmark three month copper on the London Metal Exchange rose 0.5 percent to $4,993 a tonne, compared with a six-year low of $4,855 hit in August. Spot Gold was trading at $1123.
In a media statement on Wednesday, Glencore said it has taken proactive steps to position the company to withstand current commodity market conditions. “Our business remains operationally and financially robust – we have positive cash flow, good liquidity and absolutely no solvency issues,” it said. Glencore said it’s getting on and delivering a suite of measures to reduce its debt levels by up to $10.2bn. Glencore stock is up 10% in early trade at 87p per share.
Sainsbury are also in focus after Full-year underlying pre-tax profits at the supermarket giant are expected to be moderately ahead of its £548m forecast, the company said on Wednesday. In a second quarter trading statement, the company said total retail sales for the period were up 0.3% excluding fuel sales, and down 1.8% if petrol was included. Like-for-like retail sales fell 1.1 per cent excluding fuel and were 3.3% lower including petrol. The stock is up 12% in early trade at 256p per share.
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