Monday's Market Roundup: Global Markets Rise, Commodities Fall, Oil Climbs

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.

Commodities Fell

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.

Oil Rises

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

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