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23.09 - oil starts its week on high note again

7.03.2019

 

While Asian markets are not really displaying any growth, there are tensions growing on trade question in the region. And it seems that this is going to be a problem for our trading this week as the trade talks between China and USA are nearing, but there is absolutely no guarantee that this time is going to be a charm for the two countries. After all, Xi Jinping has already tried to make trade piece with Trump several times. And we all know how that ended.

The United States are trying to improve the situation by removing tariffs from 400 various Chinese products by the request of American companies. That does seem like a step forward for Trump and the USA, but there is still a long way to go in this matter.

In the meantime, losses in American stock market become more apparent and more in-our-face. What happened? Well, seems that traders’ and investors’ trust in American economy is very fleeting and the moment things start to seem shaky, they tend to run away from it. After all, this is exactly the pattern displayed by them at this very moment.

Oil in its turn is attracting out attention once again. And even though the surge of it is not nearly as rapid as it was just a week ago, today we are also seeing the crude in the green zone all due to the fact that Middle Eastern tensions and fears about the supply cuts haven’t really disappeared on us. Pentagon is deploying troops into the Gulf region to strike Saudi Arabia if deemed necessary. These military actions are spiking up the fears for the future supply of the crudes. And this fear helps oil gain its per-barrel price today.

Currencies are stable with greenback not really moving and displaying calm position for now.

Here are the main numbers for today:

Topix was flat.

Kospi didn’t move much as well.

Shanghai Composite decreased 1.5 percent.

Hang Seng from Hong Kong lost 0.8 percent.

S&P 500 futures advanced by 0.4 percent.

Dollar was flat against the basket of six major currencies.

Euro added 0.1 percent - $1.1023.

Yen decreased 0.2 percent – 107.71 per dollar.

Pound barely moved - $1.2475.

Apple dropped 1.5 percent - $217.73.

Facebook declined 0.1 percent – $189.93.

Amazon lost 1.5 percent - $1794.16 per share.

Tesla lost 2.4 percent - $240.62.

Google shares declined 0.7 percent - $1229.84.

WTI advanced 1.1 percent - $58.75 per barrel.

Brent grew 1.2 percent - $65.05 per barrel.

Gold advanced 0.5 percent - $1522 per ounce.

Silver added 2.9 percent - $18.36 per ounce.

Platinum increased per-ounce price by 1.1 percent – $957.07.