{"id":88061,"date":"2016-04-13T06:51:47","date_gmt":"2016-04-13T10:51:47","guid":{"rendered":"http:\/\/countingpips.com\/?p=88061"},"modified":"2016-04-13T06:51:47","modified_gmt":"2016-04-13T10:51:47","slug":"oil-rally-boosts-markets","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/04\/oil-rally-boosts-markets\/","title":{"rendered":"Oil rally boosts markets"},"content":{"rendered":"
April 13, 2016<\/div>
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By IFCMarkets<\/a><\/p>\n

US stocks<\/b> rose on Tuesday with rallying oil prices boosting investor risk appetite. The dollar strengthened against the yen helped by Japan\u2019s Finance Minister Taro Aso\u2019s remark about possible intervention to stop yen\u2019s appreciation after it hit 17 month high against the dollar. According to live dollar index<\/a> data the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, ended little changed at 94.05. The Dow Jones Industrial Average gained 0.9% settling at 17721.25, recording its best daily gain since March 11. The S&P 500<\/a> closed 1% higher at 2061.72 posting a year-to-date gain of 0.9% as all ten main sector finished in positive territory. The energy sector led the broad market index with 2.8% gain. The Nasdaq Composite Index closed up 0.8%. Equities advanced despite expectations of lower quarterly earnings: S&P 500 profits are expected to have fallen 7.8% in the first quarter, according to Thomson Reuters IBES. Shares of Alcoa lost 2.7% after the metals producer reported a 92% drop in earnings in first quarter due to lower commodity prices.<\/p>\n

In economic reports the US government posted a $108 billion budget deficit in March, more than double the amount from the same period last year. The National Federation of Independent Business small-business index fell to a two-year low in March. The International Monetary Fund again lowered its forecast for global growth citing volatile financial markets and slowdown in developing economies. Today JP Morgan will report quarterly results. At 13:00 CET Mortgage Applications will be released in US. At 14:30 CET March Advance Retail Sales and Producer Price Index will be published. The tentative outlook is positive. And at 20:00 CET Federal Reserve issues the Beige Book of economic condition.<\/p>\n

European stocks<\/b> advanced on Tuesday supported by gains in commodity companies. The euro edged lower against the dollar. The Stoxx Europe 600 rose 0.5%. Anglo American shares jumped 9.2% after the mining company\u2019s De Beers unit reported a third straight month of higher rough-diamond sales. Major oil companies Total and BP gained 1.8% and 1.5% respectively. Italian bank shares gave up some of the previous day\u2019s gains after the Italian government late Monday outlined the establishment of a fund aimed at reducing the bad loans in country\u2019s banking sector. Germany\u2019s DAX 30<\/a> gained 0.8% settling at 9761.47. France\u2019s CAC 40 rose 08% and UK\u2019s FTSE 100 added 0.7%. Today at 10:30 CET first quarter Credit Conditions Survey results will be published by the Bank of England. At 11:00 CET February Industrial Production will be released in euro-zone. The tentative outlook is negative.<\/p>\n

Asian stocks<\/b> are gaining today after better-than-expected trade data provided indication of stabilization in the world\u2019s second largest economy: China reported exports rose 18.7 % in yuan terms in March compared to a year earlier, while imports fell only 1.7%. Nikkei gained 2.8% today as weaker yen and positive Chinese trade data boosted exporter stocks. Toyota Motor and Honda Motor both gained more than 2.5%, Panasonic rallied 3.3%.<\/p>\n

Oil futures prices<\/b> are retreating today on concerns major oil producers may fail to agree to cut crude oil output. June Brent oil jumped 4.3% to $44.69 a barrel on London\u2019s ICE Futures exchange on Tuesday on speculation that Saudi Arabia and Russia have reached an agreement to stabilize production ahead of a meeting of major oil producers in Qatar this weekend. Saudi oil minister Ali al-Naimi\u2019s comments later indicated that a production cut was out of the question. Investors are waiting for Energy Information Administration report today at 16:30 CET on US official crude oil inventories. Data from American Petroleum Institute industry group late Tuesday showed US crude stocks rose by a larger-than-expected 6.2 million barrels to 536.3 million last week.<\/p>

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Gold<\/b> is edging lower today after hitting a three-week high of $1262.60 on Tuesday.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>\n

Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets US stocks rose on Tuesday with rallying oil prices boosting investor risk appetite. The dollar strengthened against the yen helped by Japan\u2019s Finance Minister Taro Aso\u2019s remark about possible intervention to stop yen\u2019s appreciation after it hit 17 month high against the dollar. According to live dollar index data the ICE US Dollar […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-88061","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/88061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=88061"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/88061\/revisions"}],"predecessor-version":[{"id":88075,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/88061\/revisions\/88075"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=88061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=88061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=88061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}