Today’s Stock Exchanges, July 4th. The markets are taking a breather. Oil on the rise, new OPEC+ cuts in sight
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An uncertain day is announced for the financial markets, with weak trading in Asia and uncertain futures for the West, in the midst of a very positive phase for the price lists which has led Milan to perform better than the others until it resumes with the Ftse Mib levels prior to the Lehman Brothers bankruptcy. Movements in the last few hours on oil, which has already strengthened since yesterday when it emerged that Saudi Arabia will extend the voluntary cut of one million barrels of oil a day, which entered into force in July, for another month, thus also including August.
Asian stocks ahead mixed
Asian stocks are trading mixed following the release yesterday in the United States of data for the month of June showing a further contraction in manufacturing activity.
At the moment, Tokyo’s Nikkei index loses 0.94%, in no particular order the Chinese markets with Shanghai at -0.10%, the Shenzhen Szse composite index gains 0.21%, while the Hang Seng of Hong Kong 0.42%. On the other hand, the Kospi index of Seoul decreased by 0.30%.
Oil up slightly
The price of oil is slightly up on the Asian markets, yesterday the communication of the reduction of production up to August of 1 million barrels per day by Saudi Arabia and 500 thousand by Russia arrived. Crude oil was weighed down by the negative trend of the ISM manufacturing index, which in June showed a contraction in the sector for the eighth consecutive month.
Currently contracts on WTI are sold at 69.9 dollars a barrel, up by 0.25%, while those on Brent at 74.9 dollars, up by 0.46%.
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