Forgot Login?   Sign up  
Please select your page

11.03 - oil is recovering after having taken a plunge

7.03.2019

 

Recovery. Complete and utter recovery – that is the best way to describe what is going on in the markets today. But is it going to last? Is it going to be enough to bring us back to normal trading? Will we see the markets complete recovered for real again? Well, it seems that today we have to differentiate what segment of the market we are talking about. For example, the Asian segment of the market is only losing points today even though yesterday we saw the segment grow higher.

 

In reality we are all looking at oil today. American oil is extending th recovery for the second day in a row as hope on Americans cutting the output grow. If the output is cut, then we are going to see even more gain for WTI crude. Brent in its turn is dependent on the conflict between Russia and Saudi Arabia to be resolved.

 

Saudi Arabia is now claiming that April output numbers are going to be record high despite what Russian officials are saying and expecting. Of course Russia, the national currency of which depends on high price for gas and oil is going to protest this inclination, but there is really little hey can do. As a result Russia may very well cut its ties with OPEC and be an independent producer. Of course that would hit its economy even harder, but it seems of little to no concern for the Russian officials.

 

Precious metals are growing, dollar nudged a little lower. Euro and pound are falling as well, as coronavirus threat spreads across the region. The economies of GB and EU are taking serious hits because of the pandemic threat right now.

 

Here are the main changes in the markets for the day:

 

Topix lost 0.8 percent.

Kospi decreased 2.4 percent.

Shanghai Composite dropped 0.2 percent.

Hang Seng from Hong Kong declined 0.7 percent.

S&P 500 futures lost 2.85 percent.

Euro declined 0.05 percent - $1.1346.

Pound lost 1 percent - $1.2926.

Yen surged 0.6 percent – 104.22 per dollar.

Canadian dollar lost 0.7 percent - $1.3707.

Tesla grew 6.1 percent - $645.33.

Apple advanced 7.2 percent - $285.34.

Facebook recovered 5.1 percent – $178.19.

Amazon added 5.1 percent – $1891.82 per share.

Google increased 4.9 percent - $1275.17.

WTI recovered 0.2 percent - $34.75 per barrel.

Brent grew 0.8 percent - $38.1 per barrel.

Gold advanced 0.8 percent - $1662.84 per ounce.

Silver added 0.7 percent - $17.01 per ounce.

Platinum lost 0.2 percent – $874.15.

Palladium lost 0.2 percent - $2414.4 per ounce.