Markets cautious ahead of potential turbulence on Thursday

By Trevor Hoey. Published at Jun 7, 2017, in Features

There was a sense of caution surrounding overseas trading last night with markets preparing themselves for potentially crucial events such as the UK election, the meeting of the ECB and the testimony by sacked FBI head James Comey.

While all major indices finished in negative territory most of the declines were nominal and didn’t appear to be supported by material leads regarding what is shaping up to be a highly volatile end to the week.

The Dow closed at 21,136 points, representing a decline of 0.2%. The NASDAQ fell 0.3% to 6275 points.

The FTSE 100 demonstrated the most stability, only coming off marginally to finish at 7524 points.

The highflying DAX finally took a breather as it shed 1% to close at 12,690 points. It is worth noting though that the index is still up 100 points on a week on week basis and little more than 100 points shy of its all-time high.

The Paris CAC 40 fell 0.7% to 5269 points.

On the commodities front there was renewed support for oil as it rallied 1.2% to close at US$48 per barrel.

Gold was the standout metal, gaining more than 1% as safe haven buying pushed it up to US$1296 per ounce, a level it hasn’t traded at since mid-April.

The iron ore price settled in the vicinity of US$56 per tonne after the recent sell-off.

Base metals all trended lower with lead being the hardest hit as it fell 1.5% to close just below US$0.93 per pound.

Zinc fell nearly 1% to US$1.10 per pound.

Nickel shed 0.5%, closing just below the US$4 per pound mark.

Copper was the most resilient, falling only marginally to US$2.53 per pound.

The Australian dollar made the US$0.75 mark early in trading and maintained that level through to the close.

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