Spreadex Market Update
Europe declines as oil falls 3%
These beliefs combined with soaring exports of refined products knocked prices of US Crude to a $47 handle. Members of Opec and other producers are set to meet in September to discuss an output freeze. Morgan Stanley believe this agreement would be highly unlikely and there are too many headwinds facing the deal. This oil price decline pressured the resource sector, Fresnillo sank 5.5% as silver fell sharply, while Glencore, Anglo American and Antofagasta were all deep in the red.
The dollar rose in reaction to Stanley Fischer’s Sunday comments. The Fed Vice chairmen stated that the U.S. economy is already close to meeting the central bank’s objectives and believed that growth would pick up. Currency speculators will await Fed Chair Janet Yellen’s speech this Friday to see whether she will back up Fischer, the consensus is that she will be a bit more dovish.
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