Global stocks mostly weaker as oil slips

SEOUL, Korea, Republic Of - Global stock markets were mostly weaker Tuesday as the price of crude oil turned lower on supply concerns.

See Full Article

KEEPING SCORE: Britain's FTSE 200 fell 0.3 per cent to 6,018.28. Germany's DAX was down 0.5 per cent at 9,525.30, while France's CAC 40 was nearly flat at 4,298.94. Futures augured a tepid start for Wall Street. Dow futures lost 0.2 per cent while S&P futures fell 0.3 per cent.

ASIA'S DAY: Japan's Nikkei 225 closed 0.4 per cent lower at 16,052.05 while South Korea's Kospi fell 0.1 per cent to 1,914.22. Hong Kong's Hang Seng index fell 0.3 per cent to 19,414.78 and the Shanghai Composite Index in mainland China dropped 0.8 per cent to 2,903.33. Australia's S&P/ASX 200 was down 0.4 per cent at 4,979.60. Stocks in Singapore and the Philippines were higher, but stocks in Indonesia were lower.

ENERGY FORECAST: The International Energy Agency said on Monday it does not expect oil prices to recover significantly until 2017, but sees slower growth in global supplies. Fatih Birol, executive director of the IEA, said oil would rise gradually to about $80 a barrel. The comments by the group of major oil-importing countries triggered a surge in crude oil prices and rallies in global stock markets overnight but they could not be sustained.

ANALYST'S TAKE: Despite the forecast that the glut of crude will be gradually reduced, "we remain cautious at this juncture, since so far, Iran and Iraq remained non-committal in terms of production cuts though both countries welcomed the initiative," Mizuho Bank said in a daily commentary.

OIL: Benchmark U.S. crude fell 65 cents or 2 per cent to $32.73 per barrel in New York. On Monday, the contract jumped $1.56 to close at $33.39 a barrel. Brent crude, which is used to price international oils, fell 58 cents to $34.11 per barrel in London.

CURRENCIES: The dollar fell to 112.07 yen from 112.89 yen while the euro weakened to $1.099 from $1.103.



Advertisements

Latest Economic News

  • Adidas to sell CCM to Toronto-based firm for $110 million US

    Economic CBC News
    German sportswear manufacturer Adidas has announced an agreement to sell its CCM hockey-equipment subsidiary to a Canadian firm for $110 million US. The multinational said Thursday it will sell CCM to Toronto-based Birch Hill Equity Partners, with the majority of the transaction to be paid in cash. Source
  • White House and congressional leaders scrap import-based tax

    Economic CTV News
    WASHINGTON -- Trump administration officials and congressional leaders are no longer considering an import-based tax system to rewrite the tax code, which was welcomed by Foreign Affairs Minister Chrystia Freeland. A border tax system had been contemplated to lower rates without blowing a hole in the American budget. Source
  • Amazon profit slumps 77% as costs surge, shares fall

    Economic CBC News
    (Reuters) Amazon.com Inc. reported a 77 per cent slump in quarterly profit as the company invests heavily in areas such as video content and in fast-growing economies such as India. The company's shares, already up nearly 41 per cent this year, were down 2.6 per cent at $1,019 US in after-hours trading on Thursday. Source
  • Starbucks to shutter all Teavana stores as sales disappoint

    Economic CTV News
    NEW YORK -- Starbucks plans to shutter all its Teavana stores as it seeks to improve its financial performance. The company said Thursday it will close all 379 Teavana locations over the coming year. Source
  • Liberals set up fast-track system for infrastructure bank approvals

    Economic CTV News
    OTTAWA -- The federal infrastructure bank is many months away from opening its doors, but Liberals have given a group of civil servants the power to help fast-track approval of projects for private funding well in advance. Source
  • Branson sells majority stake in Virgin Atlantic in broader tie-up

    Economic CTV News
    LONDON -- Richard Branson is selling his majority stake in Virgin Atlantic. The billionaire entrepreneur's Virgin group announced Thursday that he was selling a 31 per cent stake to Air France-KLM for 220 million pounds ($287 million). Source
  • U.S. Republican leaders announce end of border tax proposal

    Economic CBC News
    A Republican proposal in the House of Representatives to institute a border tax on imported items has been killed, party leaders said on Thursday, saying they did so as part of a tax overhaul deal struck between congressional and administration negotiators. Source
  • Twitter shares take beating as user growth stalls

    Economic CTV News
    Twitter shares took a pounding Thursday after the company reported stalled growth in a key measure of its user base, sparking fresh fears over the future of the social network. Twitter, which has been struggling to keep pace in the fast-moving world of social media, reported a net loss of $116 million in the second quarter, slightly wider than its $107 million loss a year ago. Source
  • Prime spot: Amazon's Jeff Bezos briefly becomes richest man in the world

    Economic CTV News
    Amazon founder Jeff Bezos briefly snagged the crown of “richest person in the world” on Thursday from Bill Gates, in Forbes’ realtime rankings of the wealthiest billionaires on the planet. Bezos’ net worth spiked to US$90.5 billion Thursday morning, putting him just ahead of the Microsoft founder’s $90-billion fortune. Source
  • Pace of cord-cutting in Canada slowed last year: CRTC

    Economic CBC News
    The pace at which Canadians are switching from conventional television services to internet-based TV appears to be slowing after three years of accelerated growth, according to the country's broadcast regulator. Newly released figures show about 300,000 more Canadians subscribed to internet protocol television, or IPTV, services last year compared with 2015, an increase of 13.8 per cent year over year. Source