Market Review

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Daily Review 29.08.2016
 

Global stocks in mixed position as Fed’s Yellen strengthened rate hike case

Global stocks took different routes on Friday after Federal Reserve Chair Janet Yellen hinted that an interest rate hike might be on the books this year.

Major US stocks indices were thrown in negative territory as the odds of a hike in September rose to 30% from 21% on Thursday.

The Dow Jones industrial average lost 101.63 points, or 0.55%, to close at 18 346.78. The S&P 500 fell 10.88 points, or 0.5%, closing at 2 161.59 and the NASDAQ Composite snapped its 8-week win streak by dropping 16.22 points, or 0.31%, settling at 5195.98.

However, European stocks advance on a choppy trading on Friday as the pan-European STOXX close 0.6% while U.K’s FTSE 100 finished 0.4% higher with French CAC 40 and the German DAX posting similar gains.

In Asia, Japan’s Nikkei slid 195.24 points, or 1.18%, to settle at 16 360.71. China’s Shanghai Composite also lost ground as it fell 17.55 points, or 0.57%, closing at 3 068.33 while Australia’s ASX 200 lost 26.40 points, or 0.48%, finishing at 5541.90.

Oil prices up, dollar down on Friday’s volatile session

Oil prices finished modestly higher while US dollar erased early gains on a volatile session last Friday as investors digested some details from Fed’s chair commentary.

International Brent crude oil futures for Octobers surged 0.44% to trade at $49.89 per barrel while US West Texas Intermediate rose 0.55%, adding 27 cents and finishing at $47.60 per barrel.

The surge in oil prices was also supported by the decline in US crude oil rig count which registered 406 this month compare to 675 a year ago.

The dollar meanwhile gave up small gains to trade little changed as it closed 0.77 percent at 99.50 against major currencies.

The greenback was flat against the Japanese yen at 101.79 while it closed at 1.129 against euro.

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