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
EUR/USD eases to near 1.0700 ahead of German inflation data
EUR/USD is paring gains to near 1.0700 in the European session on Monday. The pair stays supported by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 154.50 on likely Japanese intervention
USD/JPY is recovering ground after sliding to 154.50 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Focus shifts to the US employment data and the Fed decision later this week.
Gold price holds steady above $2,335, bulls seem reluctant amid reduced Fed rate cut bets
Gold price (XAU/USD) attracts some buyers near the $2,320 area and turns positive for the third successive day on Monday, albeit the intraday uptick lacks bullish conviction.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.