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Daily Review 03.10.2016

Major stocks roll as fears on Deutsche Bank lessen

Some major equity markets in the world concluded the month of September on a bullish note as they rallied on Friday trading amid the reduced uncertainties on Deutsche Bank alleged selling of mortgage-backed securities.

Shares of the Germany’s biggest lending company soared last week by a high of 14% after reports showed that the bank has almost reached a $5.4 billion dollar settlement with the US Department of Justice, following its 6% low recorded on Thursday.

European stocks made a slight leap on Friday after the report as the pan European STOXX 600 closed 0.11% higher while Germany’s DAX finished up 3%. France’s CAC 40 piled up 2.96 points or 0.47% while UK’S FTSE 100 futures lost 17.42 or 0.25%.

In New York, its major indices came off swinging after the double-digit rally in Deutsche Bank shares.

The S&P 500 added 17.14 points, or 0.8%, to close at 2 168.27 as most of its sectors finished impressively higher. The financial and energy sectors capped the month 0.1% lower but rose 3.3% higher for the third quarter.

Wal-Mart Stores Inc. and Procter & Gamble Co. drove the Dow Jones futures to a huge gain of 164.70 points, or 0.9% to settle at 18 308. 15, with the blue-chip averaged closing the month 0.8% down but 2.1% up for the quarter.

The NASDAQ composite posted a monthly and quarterly gain of 1.75 and 9.7% respectively as it finished off 5 312 after advancing 42.85 points or 0.8%.

Oil posts second straight monthly gain on OPEC’s production freeze

Oil futures spiked on Friday and posted a second straight monthly gain, supported by the agreement to cut crude production by the members of the Organization of the Petroleum Exporting Countries.

OPEC members has closed a deal on Wednesday to cut output to 32.5-33.0 million barrels per day to stabilize the persistent oil supply glut that brought nightmares on oil prices for almost two years.

The West Texas Intermediate and Brent crude futures registered an 8.5% and 4% monthly gain respectively.

US WTI crude futures finished $48.24 per barrel after gaining 41 cents on Friday session while the international benchmark Brent crude lost 19 cents to close at $49.05 per barrel.

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