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DAILY MARKET OVERVIEW – Oil Prices rally as China’s imports hike…

Today’s Top 5 Market Headlines – May 9, 2016

Everything you need to know about today’s Global Financial Markets…

 

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Oil Prices rally as China’s Imports hike…

Crude-oil prices climbed higher in early Asian trade today as imports Rose in China. Crude futures for delivery in June CLM6, and were last seen trading at $45.49 a barrel, adding 1.9%, or $0.82 while July Brent crude LCON6 rose $0.61, rising at $45.96 a barrel. China’s crude imports rose 7.6% last month, meaning that on a daily basis, China imported 7.9 million barrels a day in April. Indicatively, in the first four months of the year, China imported 123.67 million tons of crude.

 

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Alberta hopes to have fire under control, Oil production is still on pause

Canadian officials appeared optimistic today that they were on the brink of putting the inferno under control, as favorable weather helped firefighters and winds took the flames southeast, away from oil sands of Fort McMurray.

The 88,000 inhabitants have yet to get a definitive answer as to when they can be relocated back into what remains of their town, or when energy companies would be able to restart operations at evacuated sites nearby. The wildfires have cut Canada’s vast oil sands output in half causing global oil prices to slightly hike on hopes that overproduction would also be put under control.

 

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Japan’s GDP does not hold high expectations…

Japan’s economy is expected to have grown very slightly for the first quarter, Gross domestic product (GDP) will most probably have expanded at an annualized rate of 0.2 percent in the first quarter according to a poll of 19 analysts; which translates into a quarterly expansion of 0.1 percent. Analysts support that this marginal growth rate was due to the extra day in the quarter from the leap year.

 

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Asian stocks trade lower after disappointing NFP data…

Asian stocks traded mostly lower today after a disappointing U.S. jobs report and worse-than-expected trade numbers raising questions about the underlying strength of the world’s biggest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS traded flat, South Korea’s Kospi .KS11 plunged 0.6 percent and Shanghai stocks .SSEC fell back more than 2 percent after data released over the weekend showed Chinese exports and imports weakened in April.

Malaysian, Indonesian and Thai share markets also lost ground. Japan’s Nikkei .N225 rose 0.6 percent as the yen stopped its surge against the dollar. The South Korean won KRW=, Indonesian rupiah IDR= and Malaysian ringgit MYR= also fell to further lows. The Dow gained 0.4 percent .DJI and the S&P 500 .SPX added 0.3 percent on Friday.

It is worth mentioning that U.S. non-farm payrolls increased by 160,000 in April, marking their smallest gain since September. The number was much below the 200,000 economists had expected, prompting investors to lower their expectations of an interest rate hike for this year. The dollar was up 0.2 percent and was last seen trading at 107.29 yen JPY=. However, it’s also worth noting that the greenback initially fell in reaction to the lackluster jobs report on Friday.

 

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India’s ten year yields driven to record breaking lows…

Indian bonds rose, pushing the 10-year yield to further lows, since investors renewed their optimism that the central bank’s debt purchases will boost cash supply. The Reserve Bank of India will buy as much as 100 billion rupees or $1.5 billion of notes tomorrow. The RBI’s aim is to manage the yields causing borrowing costs to come down thus supporting the economy. The yield for January 2026 debt fell two basis points to 7.42 percent this morning.

The central bank added 1.01 trillion rupees to the banking system in an open-market debt purchasing strategy since December. Indicatively, the rupee rose 0.2 percent trading at 66.44 against the dollar.

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DAILY MARKET OVERVIEW – Oil Prices rally as China’s imports hike…

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