A positive start for equities and commodities after the Christmas holiday break

Monday, December 30, 2013

Asian equity markets climbed higher on Monday, tracking gains in the Wall Street, with the Nikkei surging more than 110 points to 16291.31. European equity markets have also posted gains in early trading, starting the week on a positive note after the Christmas holiday break. The Euro holds strongly above 1.37 area against the US dollar and the USD index remains above the 80.0 area.

Energy: Crude oil prices continue their strong upside momentum with WTI oil contract holding above $100 per barrel for a second consecutive day following a bullish EIA oil inventories report, which showed a bigger than expected drop in crude oil inventories (4.7 mln barrels decline in crude oil stocks). Brent oil has been trading above $112 per barrel, following unrest in oil-producing African nations, in South Sudan and Libya.       

Iron Ore: Shipments of iron ore from Northwest Australia have been curbed as ports closed due to a strengthening tropical cyclone near the Pibara coast, according to Bloomberg. The Category 2 cyclone Christine is expected to strengthen to Category 3 today, possibly hitting the key location ports of Australia. 

WTI - CL1

CL1 301213

 

Events for today:

1500

US

Nov

Pending Home Sales

1530

US

Dec

Midwest Manufacturing

 

All times UK Local Time

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