Oil market opened higher
Crude oil prices extended gains on Monday in Asia, buoyed by comments from Saudi energy minister said the oil market towards balance.
London Brent crude for September delivery (LCOc1) rose 17 cents to $ 50.52 a barrel at 2247 GMT on Sunday, after settling up 64 cents at $ 50.35. NYMEX crude for August delivery (CLc1) rose 5 cents to $ 49.04 a barrel, after closing 66 cents, or 1.4 percent, on Friday. There will be no change in the West Texas Intermediate on Monday as financial markets and US commodity closed for the Independence Day holiday.
Minister of Energy of Saudi Arabia, the largest oil exporter in the world, and the secretary general of OPEC agree that the global oil market towards balance and that the price began to settle, according to the statement carried by the Saudi state news agency SPA.
Drilling America last week to add oil rig, for a fourth week in five, according to the report, the best months in which the Americans back into the oil producer since August last year, marking the highest oil prices close to two years ago.
Avengers Niger Delta, a militant group that has carried out attacks against Nigerian oil facilities in recent months, claimed responsibility on Sunday for five new attacks on the energy hub of the south since Friday.
The attacks in the Niger Delta has pushed Nigeria’s crude production to 30-year lows, although the Nigerian National Petroleum Corporation (NNPC) said last week that output has increased due to the improvement and the fall-off in the attack.
Russian oil production reached 10.84 million barrels per day (bpd) in June, up from 10.83 barrels per day in May, Energy Ministry data showed on Saturday.
Norwegian offshore oil workers and employers signed a new wage deal on Saturday, avoiding an attack that would cut output from top oil and gas producer Western Europe with about 6 per cent, employers and unions said.
Technically
Resistance: 46.76 46.90 47.21 High / Low: 50.49 / 46.71
Support: 46.37 46.00 45.60 Running Price: 46.67
Comment: For intraday trade today suggest Sell at 47.00; stop loss at 46.15; targets at 47.50.
The Australian dollar weakened
The Australian dollar fell in trading Monday following the increased political uncertainty in Aussie plus global anxiety over Brexit put sterling and other major currencies on a steady footing.
Investors began to sell the Aussie, who slid as far as $ 0.7410 in early thin trading, from $ 0.7495 late in New York on Friday. Since then rebounded to $ 0.7468.
Market participants all rule out further interest rate hikes by the Fed this year after the sound British to leave the EU. In fact, the futures market now reflects the possibility that the Fed could actually cut interest rates before the end of the year.
According to CME Fed Watch tool, there are currently 0% probability of a Fed rate hike in July and 3% probability of a rate cut.
The dollar slipped 0.7% against the yen as weak economic data from China and the impact of sound U.K. to leave the EU pushed safe-haven demand.
Caixin index of China manufacturing purchasing managers’ fell to 48.6 in June, below expectations for 49.1, while the official manufacturing PMI came at 50.0 last month, in line with expectations.
Meanwhile, the GBP / USD down 0.33% to 1.3266, still approaching 31-year lows of 1.3122, as investors continued to digest after the political and economic decision U.K. to leave the EU.
In the weeks ahead, market participants will turn their attention a little away from the main news-related Brexit and more towards economic fundamentals and US monetary policy, with a report in June nonfarm payrolls and the FOMC meeting minutes in the spotlight. There are also services ISM data on Wednesday.
Elsewhere, in the UK, market participants will be watching the release of Bank of England report on financial stability for clarity on the health of the banking sector U.K. behind the surprise decision by the UK to leave the EU.
Technically
Resistance: 0.7471 0.7490 0.7502 High / Low: 0.7440 / 0.7322
Support: 0.7451 0.7436 0.7420 Running Price: 0.7467
Suggestion: For intraday trade today suggest Buy at 0.7475; stop loss at 0.7450; targets at 0.7500.
Dow Jones rose in Asian trade Monday
Stocks opened slightly higher in Asian trade on Monday, on the fourth day after a decline due to the increase Brexit, helped by higher crude oil prices.
The price of US crude oil futures closed up 66 cents, or 1.37 percent, at $ 48.99 per barrel. US refineries rose to fourth in five weeks, rising 11 to 341, according to Baker Hughes.
Sector consumer discretionary sector led gains in the S & P, helped by gains of nearly 20 percent in stock Harley-Davidson and an increase of more than 5.5 percent on Netflix. Financials sector fell half a percent to lead the decline.
US stock markets were closed Monday for a holiday commemorating July 4th Independence Day.
In economic news, Markit manufacturing PMI end of June was 51.3, up from 50.7 in May and the highest in three months, but a touch below the preliminary reading of 51.4 for June.
ISM Manufacturing came at 53.2 for June from 51.3 the previous month and above expectations to 51.4 from a Reuters poll. The employment index rose to 50.4 from 49.2 the previous month,
The US dollar index is around half a percent lower, with the euro near $ 1.113 and approximately ¥ 102.6 yen against the greenback.
The Dow Jones Industrial Average closed up 19.38 points, or 0.11 percent, at 17,949.37, with the rise in stock tertitnggi Home Depot and DuPont shares remain the largest.
The Dow Jones rose 3.15 per cent to a weekly with Travelers stock top performers, while Visa and DuPont shares are stocks that fell this week.
The S & P 500 closed up 4.09 points, or 0.19 percent, at 2,102.95, with consumer discretionary sectors led the seven sectors are higher and the financial sector fell the most.
The S & P rose 3.22 percent for the week with the telecommunications sector led all 10 sectors were higher.
The Nasdaq composite index closed up 19.89 points, or 0.41 percent, at 4,862.57.
The Nasdaq composite index gained 3.28 percent for the week. IShares Nasdaq Biotechnology ETF (IBB) rose 5.51 percent for the week, its best weekly performance since mid-July last year. Shares of Apple rose more than 2.5 percent for the week.
Technically
Resistance: 17050 17077 17115 High / Low: 18029/17107
Support: 16962 16946 16 923 Running Price: 17026
Comment: For intraday trade today suggest Buy at 17123; stop loss at 17067; target at 17378.
