Market Overview: A classic EU sovereign debt/banking crisis fear inspired risk aversion day, slamming risk assets, especially the EUR. Sparked by a WSJ report that July bank stress tests understated PIIGS bond exposure. This is old new, but comes at a sensitive time as PIIGS seek to sell $80 bln in bonds and their bond [...] [...more]
Overview: Markets Painted Red. A bounce lower off of resistance on profit taking following Friday’s bounce off of support on bargain hunting and short covering. In sum an indecisive market likely to remain within the past week’s trading ranges until the balance of the abundant top tier calendar events becomes decisively positive or negative enough [...] [...more]
Crude oil traded near a six-week low as rising U.S. jobless claims and a contraction in manufacturing added to concern growth in the world’s biggest oil-consuming nation is slowing. Oil, down 1.3 percent this week, fell yesterday after the Labor Department said weekly claims for unemployment benefits climbed to the highest level since November. The [...] [...more]
Oil rose for a second day on Thursday after a five-session losing streak took prices to 11-week lows that investors felt anticipated disappointing U.S. economic and inventory data, rekindling interest on the basis of technical indicators pointing to a rebound. New U.S. home sales slumped to the slowest pace on record in July and orders [...] [...more]
Crude bounced from a seven-week low on Wednesday as investors looked for relief in U.S. durable goods and oil inventory reports due later in the day, after fears of a double-dip recession intensified with dismal housing data. U.S. crude for October delivery added 26 cents to $71.89 a barrel by 0415 GMT, after trading as [...] [...more]
Oil rebounded as much as 0.7 percent to top $74 on Monday on a weaker dollar, but prices stayed close to last week’s six-week lows on a combination of lacklustre economic indicators, rising risk aversion and a lack of hurricane activity in the Gulf of Mexico. U.S. crude for delivery in October , the front-month [...] [...more]
Crude oil traded near a six-week low as rising U.S. jobless claims and a contraction in manufacturing added to concern growth in the world’s biggest oil-consuming nation is slowing. Oil, down 1.3 percent this week, fell yesterday after the Labor Department said weekly claims for unemployment benefits climbed to the highest level since November. The [...] [...more]
U.S. crude for September dipped 11 cents to $75.31 a barrel at 0015 GMT, after touching $73.83 on Wednesday, the lowest price since July 7. U.S. commercial crude and product inventories rose last week to the highest level since the U.S. government began tracking weekly data, statistics published on Wednesday showed, a sign fuel supply [...] [...more]
Oil rebounded from a one-month low in New York as the dollar declined against the euro and some investors took the view a drop below $76 a barrel made the commodity attractive to buy. Crude rose for the first time in four days as the euro climbed before a European report forecast to show growth [...] [...more]
Oil slid on Thursday for a third straight day on mounting fears that a slowdown in the global economic recovery would cut commodities demand. Japan’s Nikkei average slid to a 13-month low on Thursday after U.S. stocks erased the year’s gains in the broadest selloff in a month-and-a-half on Wednesday. The dollar snapped recent weakness [...] [...more]
