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3.01 - oil is the main topic for today

7.03.2019

 

The main topic of the day today is of course prices for oil and American strike on Iraq. Setting aside the fact that in yesterday’s air assault Iranian and Iraqi officials were killed and innocent people were harmed, this also had enormous effect on the markets, particularly on the prices for oil. Both WTI and Brent have surged in their prices through the night, which indicated that traders and investors are now too concerned with the supply. And that is true – what is going to happen to the crude supply after these strikes?

 

Brent surged by $3 in its per-barrel price. And it is sure to keep on climbing until the situation in the middle East is going to be resolved. But we probably already know – it is not easy to deal with it, so we are likely to hear more about the conflict and about oil prices again in the nearest future.

 

In the meantime, while a lot of traders are focusing on oil, there is another asset that desperately needs our attention. It is USD. The year started off on a weak not for the greenback, so we were following its performance pretty closely yesterday. And we did see a little bit recovery, which led us to believe that the market slow-down was to blame for the losses of the greenback. But, the recovery didn’t last and the falls came once again.

 

Surely, with USD having sunk to the lowest position in more than 2 months, we would hope for the growth of other currencies, like euro and pound, but NOPE. These two are extending their losses from yesterday and it seems that the recovery can’t come soon enough. Of course, we are going to deal with what we have, but having strong currencies other than JPY would be nice for the last day of trading of the week.

 

American stock market is booming with Apple breaching $300 per-share point, doubling 2019 low. Other major names are following Apple as well. Precious metals are growing in the search of safe havens.

 

Here are the main shifts in the markets for today:

 

Topix decreased 0.7 percent.

Kospi recovered 0.1 percent.

Shanghai Composite was barely moved.

Hang Seng from Hong Kong lost 0.3 percent

S&P 500 lost 0.8 percent.

Dow Jones advanced 0.3 percent.

Euro lost 0.4 percent - $1.1165.

Pound declined 0.9 percent - $1.3108.

Yen added 0.6 percent – 108.1 per dollar.

Canadian is weaker by 0.05 percent - $1.2992.

Tesla added 2.85 percent - $430.26.

Apple grew 2.3 percent - $300.35.

Facebook increased 2.2 percent – $209.78.

Amazon increased 2.7 percent - $1898.01 per share.

Google jumped 2.3 percent - $1397.37.

WTI recovered 2.85 percent - $62.88 per barrel.

Brent grew 2.9 percent - $68.18 per barrel.

Gold grew 0.85 percent - $1541.83 per ounce.

Silver recovered 1.05 percent - $18.18 per ounce.

Platinum added 0.3 percent – $981.81.