Wall Street has Worst Quarter Since 2011 & Global Equities have Weakest Quarter in 4 Years
October 1, 2015 5:45 am
US stocks ended the quarter on a positive note through a combination of investors bargain hunting and a bounce back from the biotech sector. This however was only temporary relief as Wall St had its worst quarter since 2011 and global equities had their weakest quarter in four years. Asian stocks started the first quarter in positive territory taking their cue from the states and shrugging off the weakness in Chinas manufacturing sector.
The euro slid 0.3% to at $1.1147 after shedding 0.6% overnight. The dollar climbed 0.3% to 120.24 yen after moving higher overnight. The Australian dollar, used as a proxy of China-related trades, rose 0.5% to $0.7058 on apparent relief the PMIs weren’t as bad as some had feared.
U.S. crude was up 1.3 percent at $45.70 a barrel despite data showing a surge in U.S. crude oil and gasoline stocks last week, riding on overnight momentum generated by quarter-end “window dressing” by investors. Brent crude rose 0.8 percent to $48.83 a barrel. Three-month copper on the London Metal Exchange was up 1.2 percent at $5,223.50 a tonne after hitting 2-week highs. Spot Gold was trading at $1112.
Oil exploration and production company Tullow Oil said its lending banks have completed the routine six-monthly reserve-based lend redetermination process and available debt capacity remains unchanged at $3.7bn. Tullow said that as of the end of September, the group has cash and undrawn credit facilities amounting to $2.1bn of headroom with no near-term maturities. This builds on the $450m capital increase and covenant renegotiation achieved in March 2015. The news was well received by the market with Tullow stock is up 8.5% in early trade at 183p per share.
US stocks ended the quarter on a positive note through a combination of investors bargain hunting and a bounce back from the biotech sector. This however was only temporary relief as Wall St had its worst quarter since 2011 and global equities had their weakest quarter in four years. Asian stocks started the first quarter in positive territory taking their cue from the states and shrugging off the weakness in Chinas manufacturing sector.
The euro slid 0.3% to at $1.1147 after shedding 0.6% overnight. The dollar climbed 0.3% to 120.24 yen after moving higher overnight. The Australian dollar, used as a proxy of China-related trades, rose 0.5% to $0.7058 on apparent relief the PMIs weren’t as bad as some had feared.
U.S. crude was up 1.3 percent at $45.70 a barrel despite data showing a surge in U.S. crude oil and gasoline stocks last week, riding on overnight momentum generated by quarter-end “window dressing” by investors. Brent crude rose 0.8 percent to $48.83 a barrel. Three-month copper on the London Metal Exchange was up 1.2 percent at $5,223.50 a tonne after hitting 2-week highs. Spot Gold was trading at $1112.
Oil exploration and production company Tullow Oil said its lending banks have completed the routine six-monthly reserve-based lend redetermination process and available debt capacity remains unchanged at $3.7bn. Tullow said that as of the end of September, the group has cash and undrawn credit facilities amounting to $2.1bn of headroom with no near-term maturities. This builds on the $450m capital increase and covenant renegotiation achieved in March 2015. The news was well received by the market with Tullow stock is up 8.5% in early trade at 183p per share.
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