{"id":89525,"date":"2016-05-11T06:30:24","date_gmt":"2016-05-11T10:30:24","guid":{"rendered":"http:\/\/countingpips.com\/?p=89525"},"modified":"2016-05-11T06:30:24","modified_gmt":"2016-05-11T10:30:24","slug":"rebounding-oil-and-positive-reports-boost-global-equities","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/05\/rebounding-oil-and-positive-reports-boost-global-equities\/","title":{"rendered":"Rebounding oil and positive reports boost global equities"},"content":{"rendered":"
May 11, 2016<\/div>
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By IFCMarkets<\/a><\/p>\n

US stocks <\/b>rallied on Tuesday as oil rebounded. The dollar strengthened for the sixth straight day: the live dollar index<\/a> data indicate the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.2% to 94.236. The Dow Jones Industrial Average jumped 1.3% settling at 17928.35. Caterpillar and United Technologies gained more than 2% recovering most of previous day\u2019s losses and pushing the blue chip index higher. The S&P 500<\/a> closed 1.3% higher at 2084.39 with all ten main sectors ending in positive territory led by gains in energy, materials and industrial sectors. A 3.5% gain in Amazon shares helped boost the broad stock market index after analysts at Bernstein said the stock could rise as much as 50% within the next year. Both the S&P 500 and Dow logged their best gains in two months. The Nasdaq Composite also added 1.3%. In economic news the number of open jobs rose in March according to Job Openings and Labor Turnover Survey results. Wholesale inventories rose 0.1% in March in line with expectations and the National Federation of Independent Business reported its Small Business Optimism index rose in April after declining for three straight months. Today at 13:00 CET Mortgage applications will be released by the Mortgage Bankers\u2019 Associations in US. And at 20:00 CET the Budget Statement for April will be released.<\/p>\n

European stocks<\/b> rose on Tuesday on positive earnings reports and news euro-zone finance ministers offered to grant Greece some debt relief in return for pension reforms and tax hikes. The euro weakened after a report German industrial production dropped 1.3% in March instead of a 0.2% expected decline. The Stoxx Europe 600 gained 0.9%. Energy stocks advanced with higher oil prices: Norwegian energy services provider Subsea 7 shares rose 2%, Spanish oil producer Repsol added 1.9%. Credit Suisse shares rallied 5% on smaller-than-expected loss of 302 million Swiss francs ($311 million). Germany\u2019s DAX 30 <\/a>index rose 0.7% to 10045.44 helped by 4% gain in Volkswagen on news the auto maker is close to an agreement about fixing thousands of diesel-powered vehicles in the US which had been equipped with emission test-cheating software. France\u2019s CAC 40 index added 0.4% despite a report French industrial production unexpectedly fell 0.3% in March instead of an expected rebound after a sharp 1.3% contraction in February. Today at 10:30 CET March Manufacturing and Industrial Production will be released in UK. The tentative outlook is positive. At 16:00 CET the GDP growth in the three months ending in April will be published by the National Institute of Economic and Social Research in UK.<\/p>\n

Nikkei <\/b>advanced for a third straight session today gaining 0.1% even as yen strengthened against the dollar. Chinese shares are rising after earlier losses as investors worried about rising corporate debt levels, Shanghai Composite Index is up 0.18%.<\/p>\n

Oil futures prices<\/b> are falling today as Canadian producers are expected to ramp up crude oil production after a week-long shutdown due to wildfires resulted in country\u2019s output decline by about 1.5 billion barrels a day. July Brent crude rose 4.3%, to $45.52 a barrel on London\u2019s ICE Futures exchange on Tuesday on tighter cured supply expectations as wildfires disrupted production in Canada oil sands and escalation of hostilities in Nigeria resulted in lower crude output due to pipeline disruptions. Investors are waiting today for the release of US Crude Oil Inventories by the Energy Information Administration at 16:30 CET. US crude stockpiles are expected to rise after the American Petroleum Institute industry group reported late Tuesday that US crude inventories rose by 3.45 million barrels to a 543.1 million barrels last week.<\/p>\n

Gold <\/b>is rebounding from two week low today following the retracement last week after breaching the $1,300 resistance level. June gold is up more than 1% after closing at $1258.3 an ounce on Comex on Tuesday, its weakest since April 28.<\/p>

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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 rallied on Tuesday as oil rebounded. The dollar strengthened for the sixth straight day: the live dollar index data indicate the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.2% to 94.236. The Dow Jones Industrial Average jumped 1.3% settling at […]<\/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-89525","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/89525","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=89525"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/89525\/revisions"}],"predecessor-version":[{"id":89536,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/89525\/revisions\/89536"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=89525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=89525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=89525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}