Market Pulse - Commodities
OPEC trims forecasts for 2016 global demand growth for its oil
Demand for crude oil supplied by the Organisation for Petroleum Exporting Countries was now expected to increase slightly less in 2016, the cartel said in its Monthly Oil Market Report for March.
Analysts optimistic on short-term prospects for China, despite February data
Chinese economic data released over the weekend raised concerns activity might be slowing despite government stimulus, but officials said seasonal factors were partly to blame and some economists agreed – at least with a view to the short-term.
Iran should be allowed to recover market share, Russian energy minister says
Iran should be given an exemption from an agreement between the world’s major oil producers to freeze their current level of output so that it can increase its share of the market, Russia’s energy minister said on Monday.
Commodities: Copper and crude oil futures pace gains
Gains in the energy space pushed the Bloomberg Commodity Index higher by 0. 72% to 161. 20 on Friday, with some analysts continuing to hold divergent views on the outlook for prices.
ECB vice president makes vocal defence of Thursday's policy actions
Rate-setters in the Eurozone made a vocal and atypical defence of their policy decisions taken on the previous day, amid some observers’ scepticism regarding the effectiveness of the moves.
China credit growth adds to long-term risks, but no imminent 'hard-landing'
Credit growth in Asia’s largest economy slowed dramatically in February, but some economists warned that seasonal factors were at play in the statistics, exaggerating the extent of the slowdown, although strong lending added to the long-term risks in China's economy.
Commodities: Oil futures slide as US inventory data hits home
Oil futures shed spectacular overnight gains on Thursday, after US crude inventory data finally weighed on trading sentiment.
Commodities: Oil, base metal futures resume upticks
Oil and base metal futures resumed upticks on Wednesday, after the previous rally came to an abrupt end overnight following disappointing data from China.
HSBC ups target on Burberry, but downgrades shares
A weaker sterling will add to Burberry’s growth on both the top-line and bottom-line, but the recent rebound in the share price was “unwarranted” HSBC said.
Gulf Intelligence: Energy macroeconomics - Top five factors to watch out for in 2016
By Sean Evers, founder and managing partner of Gulf Intelligence.
Commodities: Oil, metals retreat on Chinese data
Oil and metal futures tanked on Tuesday, following disappointing data from China.
IMF's number two calls for fiscal stimulus, structural reforms, urges action
The number two official at the world's financial watchdog called on global leaders to move decisively to boost global growth prospects, invoking Churchill's maxim to never "worry about action, but only inaction. ”.
EMEA oil majors face higher 2016 debt as crude prices stay low, Fitch says
Major European oil companies will not be able to balance cash inflows and outflows in 2016 under Fitch Ratings' oil price expectations, resulting in higher net debt and a further sharp deterioration in credit metrics, the agency said in a note to clients.
Chinese exports shrink rapidly in February, but economists optimistic
China's trade surplus shrank far more quickly in February than markets had anticipated, but some economists cautioned the data was still subject to distortions linked to the Chinese New Year, even as they pointed out signs of underlying strength.
Goldman Sachs sees iron ore prices headed lower in 2016
Commodity markets had gotten ahead of themselves as investors' views on reflation, realignment and re-levering shifted towards the upside, that resulted in a "premature" surge in commodity prices that would prove 'self-defeating' in so far as it risked prolonging the re-balancing process, Goldman Sachs said in a research note sent to clients.
Platts: Tricky timing for US' renewed crude oil exports
By Dave Ernsberger, global director of oil at Platts.
Commodities: Brent oil caps $40/bbl level, platinum rises above $1,000/oz
Oil futures began the week on positive turf, with Brent and WTI futures posting gains for much of the European session on Monday.
Europe close: Profit-taking in banks and oil stocks weigh on markets
European stocks were weighed down by profit-taking in bank and oil sector stocks on Monday, as investors' focus began to shift to this week’s European Central Bank meeting.
Market overview: Miners buoy Footsie
1630:Close Mining shares helped the Footsie to close well off its lows of the session after the price if iron ore surged, registering its largest one day gain since 2009, alongside rises in the copper and crude oil futures. Over the weekend, the Chinese government upped its targets for the rate of growth in money supply and the public spending deficit in 2016 in a bid to prop up economic growth. Shares in financials and Randgold led the retreat on the top flight index.
Commodities: Oil futures end European session on higher ground
Oil futures rounded off the week on positive turf, with Brent and WTI futures posting gains for much of the European session on Friday.