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On the morning of September 16, European stocks could rise slightly after the previous day’s surge, allowing investors to consider a combination of economic data and provide clues to the Federal Reserve Board next week. The dollar rose as it turned to the Fed. Rollback of stimulus.
Crude oil prices rose on Thursday after a slight decline following the previous day’s surge, as US crude oil inventories fell more than expected.
Brent crude rose 9 cents (0.12%) to $ 75.59 a barrel by 5:28 am New York time on September 16 after a rise of about 2.5% the day before. US West Texas Intermediate (WTI) crude soared 3.1% on Wednesday and then rose 5 cents (0.07%) to $ 72.65 by 5:22 am New York time.
The surge in crude oil prices on Wednesday was prompted by reports (pdfAccording to the Energy Information Administration (EIA), US crude oil inventories fell by 6.4 million barrels in the week ending September 10. This decline was more pronounced than the projected 3.5 million barrel decline. Forecast by analysts At S & P Global Platts.
Asian stocks fell again on Thursday as Hong Kong’s benchmark index fell 1.46% following a raft of weak economic data from China.
China’s August factory output growth reportedly reached its lowest level in 13 months due to an increase in COVID-19 cases in southeastern China and a prolonged global supply shortage. bottom. Retail sales in China increased 2.5% year-on-year in August. This is the lowest rate since August 2020, a sharp increase compared to the 8.5% increase in the previous month. Service activity in China shrank in August. Indicated.
European stocks rose on Thursday, and a rebound in travel stocks and a strong move in Wall Street stocks helped offset the effects of weak data from China. The STOXX Europe 600 index rose 0.69 percent by 5:21 am New York time, pushing up the six-week closing lows in the previous session.
The dollar index, which measures the currency against six rivals, rose 0.26 percent to 92.79 by 5:11 am New York time, staying within the week. The dollar reached a two-week high of 92.887 at the beginning of the week, but only fell to a one-week low of 92.321 after a weaker inflation report than expected on Tuesday. It hit a monthly low of 91.941 on September 3 when a disappointed job report triggered a sale.
Traders are focusing on next week’s Federal Reserve Board on signs of a timeline for central banks to begin cutting large-scale bond purchase programs. The Federal Reserve Board is discussing with the Treasury every month when to start declining the Federal Reserve’s $ 120 billion in mortgage securities purchases. This is the process of reducing the number of dollars in circulation and putting upward pressure on the price of greenbacks.
Tom Ozimek has a broad background in journalism, deposit insurance, marketing and communication, and adult education. The best writing advice he has ever heard is from Roy Peter Clarke.
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