{"id":88351,"date":"2016-04-19T07:31:32","date_gmt":"2016-04-19T11:31:32","guid":{"rendered":"http:\/\/countingpips.com\/?p=88351"},"modified":"2016-04-19T07:31:32","modified_gmt":"2016-04-19T11:31:32","slug":"markets-advance-after-oil-producers-fail-to-agree-on-output-freeze","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/04\/markets-advance-after-oil-producers-fail-to-agree-on-output-freeze\/","title":{"rendered":"Markets advance after oil producers fail to agree on output freeze"},"content":{"rendered":"
April 19, 2016<\/div>
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By IFCMarkets<\/a><\/p>\n

US stocks<\/b> closed higher on Monday recovering from earlier losses following a drop in oil as major producers failed to reach an agreement to freeze output in Qatar. The Dow Jones Industrial Average<\/a> rose 0.6% to close at 18004.16. The S&P 500 gained 0.7% and settled at 2094.34. All of the 10 main sectors of the broad market index closed in positive territory, led by a 1.6% gain in energy sector which rebounded after a 1.3% drop. The dollar weakened, the live dollar index<\/a> data indicate the ICE US Dollar Index, a measure of the dollar\u2019s value against a basket of six major currencies, slipped 0.2% to 94.442. Better than expected earnings reports helped buoy market sentiment: toy maker Hasbro\u2019s shares rallied 5.8% on better-than-expected profit and revenues, Walt Disney shares gained 2.9% after \u201cJungle Book” grossed more than $100 million box office take. However Morgan Stanley shares declined 0.1% after it announced better than expected earnings per share of 55 cents but lower revenues, IBM lost 0.8% after its first-quarter report while Apple fell 2.2%. In economic data the home builders\u2019 index for April released by the National Association of Home Builders remained at 58 for the third straight month. A reading above 50 signals improving conditions in the housing sector. Today at 14:30 CET March Housing Starts and Building Permits will be released in US. While the housing starts are expected to decline, the building permits are forecast to rise.<\/p>\n

European stocks<\/b> ended higher on Monday erasing earlier losses from sharply lower oil prices after talks in Qatar didn\u2019t result in an agreement to cap oil output. The euro<\/a> strengthened, rising to $1.1311 late Monday in New York compared with $1.1282 late Friday. The Stoxx Europe 600 closed up 0.4% as oil prices started to recover. Germany’s DAX 30 rose 0.7% closing at 10120.31 helped by 2.6% and 1.6% gains in automakers BMW and Daimler AG respectively. France’s CAC 40 added 0.3%, UK\u2019s FTSE 100 index gained 0.2%. At 11:00 today April ZEW Economic Sentiment for Germany and euro-zone will be published. The tentative outlook is positive for euro.<\/p>\n

Stocks in Asian markets<\/b> are rising today with Japan\u2019s Nikkei rallying 3.7% as yen weakened after investors\u2019 risk appetite recovered following a rebound in oil prices. Exporter stocks erased most of previous day\u2019s steep losses: Toyota Motor advanced 3.9% after a 4.8% decline on Monday, Sony gained 6.5% following an 6.8% drop the previous day.<\/p>\n

Oil futures prices<\/b> are rising today as output in Kuwait fell to 1.1 million barrels per day (bpd) on Sunday from 2.8 million bpd as thousands of workers went on strike. Oil prices closed lower on Monday after major producers failed to agree on an output freeze at Sunday meeting in Qatar as Saudi Arabia insisted that Iran also agree to cap its oil production. Iran has repeatedly rejected that suggestion indicating it wants to return its production to pre-sanction levels before talks of any output freeze. West Texas Intermediate crude lost 1.4% and settled at $39.78 a barrel on the New York Mercantile Exchange on Monday while Brent crude<\/a> closed down 0.4% to $42.91 a barrel on London\u2019s ICE Futures exchange. Investors are concerned about the failure to freeze the output at January levels by producers who account for half of world output on the backdrop of continued oversupply. Morgan Stanley investment bank warns about possible battle for oil market share after the meeting as Saudi Arabia\u2019s deputy crown prince Mohammed bin Salman said if the country wanted it could unleash a million barrels of oil a day on the market.<\/p>\n

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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 closed higher on Monday recovering from earlier losses following a drop in oil as major producers failed to reach an agreement to freeze output in Qatar. The Dow Jones Industrial Average rose 0.6% to close at 18004.16. The S&P 500 gained 0.7% and settled at 2094.34. All of the 10 main […]<\/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-88351","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/88351","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=88351"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/88351\/revisions"}],"predecessor-version":[{"id":88361,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/88351\/revisions\/88361"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=88351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=88351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=88351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}