Monday’s Market Roundup: Global Markets Rise, Commodities Fall, Oil Climbs
Jul 12, 2019 (Investing Alerts via COMTEX) —
U.S. markets closed higher on Friday on gains in oil price and materials stocks, which offset a disappointing jobs report. The Dow Jones closed 0.5% higher, while the Nasdaq Composite Index was up 0.4%. Despite all three indexes closing in the green, each one posted a weekly loss.
Today, Monday, stocks opened higher, while commodities fell and oil climbed. Here’s what you need to know about today’s market:
Global Equity Markets Higher
With the exception of China, global equities markets are higher. The Shanghai Composite Index dove 2.8% after the release of disappointing data over the weekend. The MSCI Asia Pacific Index was also down 0.2%.
Over in Europe, however, the Stoxx 600 Index was up 3.8%. S&P 500 futures were up 0.4% earlier in the morning.
Iron ore prices plummeted again, with the SGX AsiaClear contract in Singapore down 9.1%. Spot ore prices in Qingdao tumbled more than 17% from its recent high. Stockpiles in China reached their highest level in over 12 months, leading to the decline in prices.
Gold futures declined to $1,279.85 a troy ounce, down $14.50 (1.1%). Copper futures dropped to a four-week low on worries of China’s slowing economy.
WTI (West Texas Intermediate) crude was up 2% in morning trade. Disruptions caused by the wildfires in Alberta, Canada have reduced supplies by 1 million barrels per day.
U.S. crude was up 2.4% ($1.07) to $45.73 per barrel. Brent added 87 cents, up 1.9%, trading at $46.24.
Yen Slumps on Intervention Hint
The dollar firmed against major currencies as the yen slumped to a two-week low. The slump was driven by Japan’s finance minister’s remarks that officials were preparing to intervene