{"id":94180,"date":"2016-08-11T07:31:39","date_gmt":"2016-08-11T11:31:39","guid":{"rendered":"http:\/\/countingpips.com\/?p=94180"},"modified":"2016-08-11T07:31:39","modified_gmt":"2016-08-11T11:31:39","slug":"markets-retreat-following-oils-lead","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/08\/markets-retreat-following-oils-lead\/","title":{"rendered":"Markets retreat following oil\u2019s lead"},"content":{"rendered":"
August 11, 2016<\/div>
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By IFCMarkets<\/a><\/p>\n

US stocks <\/b>declined on Wednesday as oil prices fell. The dollar weakened as unexpected decline in second quarter labor productivity lowered the likelihood of a Fed rate hike this year. According to the 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 0.57% lower at 95.552. The Dow Jones industrial average edged 0.2% lower to 18495.66 with Exxon Mobil and Chevron shares leading losses. The S&P 500<\/a> closed 0.4% lower at 2175.49, led by 1.4% and 0.8% losses in financial and energy stocks respectively. The Nasdaq Composite Index lost 0.4% ending at 5204.58. The stock market has been rising recently as reported corporate earning declines were smaller than initially estimated while US economic data were mixed. In economic news, job openings rose to 5.6 million in June from 5.5 million in May in US and hiring climbed to 5.1 million from 5 million in May. The US budget deficit, at $113 billion in July, narrowed 24% compared to the same month last year. Investors will focus on July retail sales due on Friday which will provide fresh indication of US economic growth. Today at 14:30 CET Initial Jobless Claims and Continuing Claims will be released. At the same time July Import Prices will be published. The tentative outlook is positive.<\/p>\n

European stocks <\/b>closed slightly lower on Wednesday with falling energy shares leading the decliners. The euro and the Pound edged higher against the dollar despite the injection of new liquidity as the Bank of England said on Wednesday it purchased the target \u00a31.17 billion ($1.53 billion) in bonds after managing to buy only \u00a31.12 billion worth of bonds at Tuesday auction. The Stoxx Europe 600 slipped 0.2%, snapping five day winning streak. Energy stocks were among the worst performers, Tullow Oil shares dropped 2.1% and Statoil lost 1%. Germany\u2019s DAX 30 <\/a>index closed 0.4% lower at 10650.89. France\u2019s CAC 40 index also lost 0.4% while UK\u2019s FTSE 100 overperformed, rising 0.2%. In economic news French industrial production unexpectedly fell 0.8% in June, partly due to shutdown of several refineries in France because of a strike. No important economic data are expected in euro-zone today.<\/p>\n

Asian stocks<\/b> are sliding today as risk appetite was undermined by falling oil prices and Singapore cut its economic forecast for the year. Hong Kong\u2019s Hang Seng Index is up 0.4% while Shanghai Composite Index is down 0.53%, Australia\u2019s S&P ASX 200 is 0.51% lower. Japan’s markets are closed for a holiday.<\/p>\n

Oil futures<\/b> prices are edging lower today as concerns about persistent global crude glut and rising production in Saudi Arabia weighed on market. The US Energy Information Administration reported the previous day US gasoline inventories fell 2.8 million barrels though crude oil stockpiles rose 1.1 million barrels. October Brent crude fell 2.1% to $44.05 a barrel on London\u2019s ICE Futures exchange on Wednesday.<\/p>\n

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

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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 declined on Wednesday as oil prices fell. The dollar weakened as unexpected decline in second quarter labor productivity lowered the likelihood of a Fed rate hike this year. According to the live dollar index data the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six […]<\/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-94180","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94180","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=94180"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94180\/revisions"}],"predecessor-version":[{"id":94193,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/94180\/revisions\/94193"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=94180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=94180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=94180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}