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Oil gains ahead of DOE, European indices back in green

12:58 27 June 2018

Summary:

  • ZAR slides on the back of Moody’s report

  • European stock indices climb back to trade in green

  • Oil traders await DOE reading after yesterday’s API showed huge decline of inventories

Situation on the European stock markets changes rapidly on Wednesday. After higher opening major indices plunged below yesterday’s close. However, benchmarks from the Old Continent managed to pare this weakness and are trading in green in the early afternoon. On the FX market CAD surges along with AUD while NZD and GBP are the biggest laggards. Precious metals trade flat while oil advances ahead of the DOE report.

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The South African rand is among the weakest EM currencies on Wednesday as investors are digesting comments offered by Moody’s rating agency. It said yesterday that the South African’s move to allow land expropriation without compensation could deter investment and added to political uncertainties preventing a recovery of sentiment.

Major cryptocurrencies have not been able to shake off their recent falls as of yet, and in fact some of them are looking to yet lower levels. Meanwhile, over the course of the last hours we were offered some contradictory comments (as it usually happens) with regard to the most famous digital currency.

On the Old Continent we have witnessed a mixed opening on Wednesday. Indices from UK, Germany and France launched today’s trade with an upside gap while Spanish and Italian benchmarks were trading lower. In the first minutes of the European trade refiners were outperforming other industry groups.

Oil prices jumped yesterday after the US State Department called on companies which buy Iranian crude oil to completely cut those imports by November or they would face powerful sanctions. According to a message from the US official the Trump administration has yet to hold talks with China, India or Turkey with regard to their purchases of Iranian oil.

 

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