By Natalia Milchakova, Alpari
The oil market on Wednesday saw the oil markets’ demise hasten. On 10th August, Brent fell 2.5%, dropping to $43.81 per barrel. On Thursday morning, the players are trying to push up prices, with $43.83 going for a barrel; a modest effort so far from the bulls. The reason for the fall on Wednesday was the data from the US showing a commercial oil reserve fall in the country of just 1.055 million barrels for the week, with the market expecting the fall to be no less than 1.4 million.
Gold prices on 10th August gained 0.4%, hitting $1346.5 per troy ounce. This could be connected to the rise of the dollar against world reserve currencies, coupled with the fall of prices on commodities markets. Gold is down 0.35% so far this Thursday morning and we believe that today will the price fall slightly.
The US Dow 30 dropped slightly (-0.2%) on Wednesday and the S&P 500 fell more so; -0.29%. Thursday morning for the S&P on Tuesday is so far unchanged from yesterday”s closing price. The weak movements on the US stock indices are to do with the release of poor corporate accounts on Wednesday from American oil and gas companies. The Asian stock markets are mixed this Thursday. The Nikkei 225 is down 0.18% and the South Korean Kospi has lost 0.15%. However, the Hang Seng has risen 0.3%, the China A50 is up 1.15% and the DJ Shanghai has risen 0.15%.
According to the Chinese media, China is successfully building up its foreign investment and, most of all, in the real sector. As such, the China Capital Investment Group investment fund has acquired an island near Australia”s Queensland for $19 million. The island has 12 hectares of untapped land and a large, 600 metre beach on which the Chinese investor plans to build a seaside resort with 4 and 5-star hotels. Additionally, the management and owners of a business from the Chinese region of Heilongjiang visited Armenia for talks about investment projects in tourism, the food industry, farming and IT.
Trading of the EURUSD on Wednesday saw a fall to the closing level of Tuesday. The dollar dropped 0.5% of its value against the euro, with the dollar on Thursday morning trying to win back its losses from yesterday; one euro is going for 1.116 USD. Today won”t see any release of important stats from the US or EU.
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Article submitted by Alpari.com