5.12 - price for oil declines ahead of OPEC meeting
Numbers all around the world and all around different segments of the market are very different from what we saw yesterday and every day this week for that matter. We can see a little bit of recovery in Asian markets as well as safe havens not as needed as they used to be. In general, the situation seems a little bit more quiet today than it was any day this week. And, surely, there are reasons behind this.
One can say that because of the NATO summit, taking place in Europe these days, markets are not so focused on trade war and trade talks, and a result risk hunger started to climb. After all – it was trade war that started all of the declines and losses in the markets and is was Trump who shook the situation further. And with the both being out of the spot light, it is obviously easier for us to see the positive sides of trading.
All in all, Trump is giving us mixed signals. Earlier he stated that trade deal might not come sooner than 2020 presidential elections. And of course, that discouraged us from dealing with Asian segment at all. Of course the fact that before we had got the message about the early trade deal didn’t help us understand the situation much more. Well, Trump is busy with NATO right now. He cannot spoil our trading, so we have to enjoy it for the time being.
No need in safe havens is reflected in the fall of gold and other precious metals when just yesterday, they were surging. Growth of euro and pound as well as decline in Japanese yen are further proving risk hunger growth in financial markets.
Prices for oil drop and stabilize after a rapid jump. Investors come to their senses and start waiting for OPEC meeting – that makes much more sense than just buying the crude right now.
Here are the major numbers for the day:
Topix added 0.45 percent.
Kospi declined 0.3 percent.
Shanghai Composite grew 0.6 percent.
Hang Seng from Hong Kong recovered 0.45 percent.
S&P 500 futures was barely moved.
Euro added 0.1 percent - $1.1082.
Pound added 0.9 percent - $1.311.
Yen declined 0.2 percent – 108.8 per dollar.
Canadian dollar added 0.8 percent - $1.3187.
Tesla declined 0.9 percent - $333.03.
Apple grew 0.9 percent - $261.74.
Facebook declined 0.1 percent – $198.71.
Amazon decreased 0.5 percent - $1760.69 per share.
Google grew 1.95 percent - $1320.54.
WTI decreased 0.3 percent - $58.14 per barrel.
Brent lost 0.3 percent - $62.81 per barrel.
Gold grew 0.2 percent - $1477 per ounce.
Silver surged 0.35 percent - $16.9 per ounce.
Platinum grew 0.6 percent – $900.33.