Global market stabilisation as news dries up
Trading across global markets once again tended to reflect a period a stabilisation following a frenetic few weeks surrounding reporting season in the US and the French election.
The Dow finished down less than 0.2%, closing at 20,943 points, just above the midpoint of its trading range for the session.
The NASDAQ gained eight points to finish at 6129 points after being down nearly 20 points early in the session.
The FTSE 100 put in another strong performance gaining 0.6% to close at 7385 points. The intraday high of 7398 points saw it fall just shy of the psychological 7400 point mark, the level it hit at the peak of bullish first-quarter sentiment.
Mainland Europe was quite with the DAX and the Paris CAC 40 relatively flat, closing at 12,757 points and 5400 points respectively.
On the commodities front, oil was the big news story, gaining more than 3% to close at US$47.34 per barrel. This came on the back of Energy Information Administration (EIA) data that pointed to the largest weekly decline in domestic crude supplies in the US in 2017.
Interestingly, this came only a day after the EIA raised its forecast on 2017 US crude oil production and lowered its price outlook, projections that placed immediate downward pressure on the oil price.
The gold price edged up slightly to close just below US$1220 per ounce.
There was little movement in the iron ore price with it currently sitting at US$60.75 per tonne.
While base metals generally trended downwards there weren’t any substantial declines.
Lead bucked the trend as it closed in on the US$1.00 per pound mark.
Copper only came off slightly to close at US$2.48 per pound.
Nickel and zinc were the biggest movers with the former coming off more than 1% to close at US$4.11 per pound.
Zinc retraced to US$1.17 per pound, representing a decline of 0.9%.
The Australian dollar pushed up towards US$0.74 early in the session but couldn’t maintain those levels and eventually closed at US$0.735.
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