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Daily Review 14.10.2016
 

US stocks fell on weak Chinese economic output, latest Fed minutes

Equity markets in Wall Street finished in the red zone on Thursday as investors became jittery regarding the latest minutes of Federal Reserve September meeting and the weak economic data released by China.

The recent minutes from US’ central bank boosted chances on an interest rate hike at the end of this year but seen a divided Fed on the issue, which created mixed signals for the market. Meanwhile in China, its exports output for last month declined more than the expected as demands for goods from foreign countries remained slow.

With the separate news, major stocks indices ended bearish in yesterday’s close.

The energy sector S&P 500 lost 6.63 points, or 0.31%, to finish at 2 132.55 while the blue chip Dow Jones industrial average dropped 45.26 points, or 0.3%, to settle at 18 098.94.

The NASDAQ Composite index recovered some ground from its intraday low of 5 169.76 as it closed 5 213.33 after it shed 25.69 points or 0.5%.

Oil steadies after drop on refined products offset rise in crude inventories

Oil futures remained steady on Thursday session after data released by Energy Information Administration showed a draw on refined product and crude inventories.

Prices of oil futures initially tumbled after the EIA reported that inventories for crude stocks have reached 4.9 million barrels, far from analysts’ expectations of just 700 000 barrel.

But oil prices were quick to regain some ground, thanks to the 3.7 million barrels drop for distillates that include diesel and heating oil products, and a 1.9 million barrels decline in gasoline.

International benchmark Brent crude oil gained 19 cents or 0.4% and was last trading at $52 per barrel.

The West Texas Intermediate crude futures added 26 cents, or 0.5% at $50.44 per barrel.

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