Still No Good News for Europe

December 10, 2014

Yesterday the world’s financial markets closed with a fall whereas oil price went up a little.

European indices finished the trading session in the red zone due to negative macroeconomic data. For instance, Greece’s ASE index lost 13 percent, which is the biggest slump since 1987. In Great Britain, in turn, the industrial output decreased by 0.1% in October while analysts predicted a 0.3% rise. The annual value of this indicator was also lower than expected. 

In the euro zone, equity trading resulted in the British FTSE 100 dropping 2.14 percent down to 6,529.47 points, the German DAX falling 2.21 percent down to 9,793.71 points and the French CAC 40 shedding 2.55 percent closing at 4,263.94 points. 

In Russia, the MICEX index fell 0.41 percent down to 1,475.22 points, and the RTS index dropped 1.48 percent finishing the trading session at 857.51 points.

In the USA, the Dow Jones Industrial Average declined by 0.29 percent down to 17,801.20 points, the Standard & Poor's 500 shed 0.02 percent down to 2,059.82 points while the NASDAQ Composite grew 0.54 percent up to 4,766.47 points.

Yesterday oil prices posted a slight rise. On London’s ICE, the price of January Brent oil futures went up and settled at $66.73 a barrel. The NYMEX price of WTI oil futures for January also rose and reached $63.82 a barrel. However, this increase is most probably of a corrective nature. It’s become known that Iran’s Ministry of Petroleum is planning to step up oil production in the country, which would lead to increased supply and consequently put more pressure on global oil prices.

On the Forex market, yesterday EUR/USD tried to go up again but the level of 1.24 turned out to be serious resistance for the pair this time. The pair may have another go at breaking it today. Nonetheless, the upper long shadows of bull candles indicate that investors are unwilling to sell dollars actively.

Anna Gorenkova, NordFX Analyst

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