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- Trading day in one post 26.05.2015
Trading day in one post 26.05.2015
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Loading...Stocks in Asia were mixed on Friday, after major oil producers agreed to extend output cuts for an additional nine months at an OPEC meeting in Vienna yesterday.
The production cuts of 1.8 million barrels a day, first agreed on in November last year, will now extend to March 2018. The OPEC-led output cuts are targeted at rebalancing the global overhang in the oil markets which saw oil prices fall by more than half in recent years.
Oil prices fell by almost 5 percent in the last session following the news as some investors had been hoping for deeper production cuts. U.S. crude had traded above the $50 mark for most of the week in anticipation of the OPEC meeting.
The Nikkei 225 edged lower by 0.19 percent while the Kospi jumped 0.77 percent in Friday trade. The Kospi is trading at an all-time high and in its sixth consecutive session of gains.
Down Under, the S&P/ASX 200 dipped 0.7 percent, driven by its energy and materials sub-indexes which were 1.91 and 1.74 percent lower respectively.
Markets in greater China were mixed, with the Hang Seng Index flat in early trade. The Shanghai Composite dipped 0.2 percent while the Shenzhen Composite shed 0.078 percent.
Economic calendar
10:00 Европа - ECB's Coeure Speaks
15:30 САЩ - Durable Goods Orders
15:30 САЩ - Corporate Profits
15:30 САЩ - GDP
15:30 САЩ - Real Consumer Spending
17:00 САЩ - Michigan 5-Year Inflation Expectations
17:00 САЩ - Michigan Consumer Sentiment
17:00 САЩ - Michigan Current Conditions
17:00 САЩ - Седмичен Индекс на ECRI
20:00 САЩ - U.S. Baker Hughes Oil Rig Count
USD - the dollar strengthened against a basket of rival currencies to trade at 97.263, off lows of 96.880 seen in the last session. The dollar also gained against the yen to trade at 111.75. The greenback had been on the defensive following the release of minutes from the U.S. Federal Reserve's May meeting.
Indices - Stocks on Wall Street closed higher following strong gains in tech stocks, with the Nasdaq rising 0.69 percent or 42.23 points to close at 6,205.26. U.S. markets will be closed for a long weekend due to Memorial Day next Monday.
Oil - Oil prices had a bout of renewed optimism with rumors of OPEC supply cuts, but equity investors weren't impressed. After buying on the rumor, investors sold oil on the news.
Energy stocks declined as well.
CAD - The Bank of Canada's nod to an improving economy on Wednesday clashed with the view in the foreign-exchange market amid lower oil prices and potential U.S. rate hikes. Net short positions in the Canadian dollar versus the greenback are at an all-time high going back more than two decades.
Jr Trader Alexander Kumanov
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