Oil prices are recovering after a 3.8% decline on Wednesday. US gasoline showed an increase in storages, which spurred bearish bets for energy stocks, in yesterday’s trading session. Crude inventories came in as expected, which is cushioning the commodity’s fall in today’s trade.
Crude oil is now up 0.7%, at $51.27 per barrel.
The fall in crude oil ignited bearish tones across markets, pushing down US equities. Today, equites are recovering slightly. Japan trade balance figures were better-than-expected. The figures helped push Hong Kong and Australian stocks higher overnight.
The UK’s FTSE 100 turned negative for the year. The FTSE’s foreign investors were hit hard as sterling climbed higher and energy stocks dipped lower.
Disappointing first quarter earnings sent Wall Street’s barometer 2.4% lower on Wednesday. Equities are feeling more upbeat in Europe’s trading session today however, as investors shrug off underwhelming US data in favour of supportive Japanese figures.
- S&P 500 is up 0.27% at $2338.75
- DJ 30 is up 0.2% at $20370
- Nasdaq 100 is up 0.34% at $5412
- CAC 40 is up 1.06% at €4973
- DAX 30 is up 0.36% at €12038
- FTSE 100 is up 0.05% at £7046.50
The dollar is trading just above three-week lows. Investors are shedding bullish bets on the greenback thanks to a decrease in the liklihood of a June rate hike.
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