European stock markets fell on Monday as falling energy and banking shares weighed on market indexes. The euro weakened 0.2% against the dollar. The Stoxx Europe 600 closed down 0.36% at 328.64. Germany's DAX 30 fell 0.25%, France's CAC 40 and UK’s FTSE 100 indexes dropped 0.49% and 0.42% respectively. Trading volume was lower than usual as US markets were closed for the Martin Luther King holiday. Bank stocks fell on news the European Central Bank was checking with a number of euro-zone banks about non-performing loans. Italian Banco Monte Paschi tumbled 14.8%. Adidas gained 6.3% after the German sportswear maker announced Henkel's Karsten Rorsted will become its chief executive in October. Ericsson rose 2.9% after Nordea Markets raised the rating of mobile telecoms gear maker’s stock to "buy". Today at 10:30 CET December Consumer Price Index will be released in UK. The tentative outlook is neutral for Pound. At 11:00 CET January ZEW Economic Sentiment for Germany and euro-zone will be published. The tentative outlook is negative for euro.
Nikkei closed 0.6% higher today after a three-day losing streak. Yen weakened on declining risk aversion as China’s GDP report met expectations. Shin-Etsu Chemical sank 2.3% after Macquarie Group cut its rating on the stock. Nintendo rallied 9.1% after Macquarie raised video-game maker’s rating. Sharp gained 2.4% after a report that Innovation Network Corporation of Japan may raise its investment offer for the electronics company.
Oil prices are stabilizing today after falling to 2003 levels on Monday. Brent for March settlement fell to $28.55 on the London’s ICE Futures exchange. WTI for February delivery fell 3.6% to $28.36 a barrel in electronic trading on the New York Mercantile Exchange. Data from China provided support for oil prices today as they showed preliminary oil demand for 2015 was at a record 10.32 million barrels-per-day, up 2.5% from a year ago. Outlook remains bearish as increased exports from Iran are expected to exacerbate global oil oversupply.
Recommended Content
Editors’ Picks
USD/JPY flat-lines below 151.50 after soft Japanese CPI data
USD/JPY stays defensive below 151.50 after the release of a soft Japan's CPI report and mixed Industrial Production and Retail Sales data on Friday. Japanese verbal intervention also weighs on the pair amid the holiday-thinned conditions on Good Friday. US PCE inflation awaited.
AUD/USD buyers lack vigor above 0.6500 amid Good Friday trading lull
AUD/USD is trading listlessly above 0.6500 in the Asian session amid light trading on Good Friday. The Aussie pair shrugs off encouraging comments from China's FX regulator, as price action remains subdued ahead of the US PCE inflation data.
Gold flirts with record highs above $2,230, all eyes on US PCE data
Gold price flirts with record highs around $2,230 during the Asian session on Friday. The uptick of yellow metal is bolstered by the safe-haven flows amidst growing economic concerns and the prospect of interest rate cuts from the US Federal Reserve.
Optimism price could fall as nearly $90 million worth of OP tokens is due flood markets
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Will they won’t they cut rates is the question of Q2?
There has been some significant push back from Fed and Bank of England members around the timing of rate cuts, and the Bank of Japan still haven’t physically intervened in the FX market to stem yen weakness although they are threatening to do so.