Stock Timer: Oil Rises as Iran Nears Renewal of Nuclear Deal

Stock indices rose despite poor macroeconomic indicators.

The Stoxx Europe 600 gained 0.32% yesterday, the S&P 500 gained 0.40%. Investor confidence was not dampened too much by the very disappointing New York State industrial index in August. the value reached -31.3 points – significantly less than in July. indicator (11.1 points) and the median of the Bloomberg forecasts (5.0 points). This is the second largest drop in this indicator since 2001.

China’s economic indicators were also weaker than expected – industrial production rose 3.8% in July. at an annual rate (forecast 4.3%), retail trade 2.7%. (4.9 percent). Prices for copper, iron ore and other industrial metals fell after the data was released. Chinese state media are reporting that the government will take further steps to stimulate the economy.

Iranian officials have hinted that agreement on the 2015 nuclear deal renewal is closer than ever. If successful, Iran could significantly increase its oil exports, which would increase supply on the international market.

Brent crude fell 3.11% yesterday at 8:30 a.m. this morning. Lithuanian time still 0.84 percent. – up to 94.30 US dollars per barrel.

On Asian exchanges, Hong Kong’s Hang Seng fell 0.62%, India’s BSE 30 rose 0.70% and South Korea’s KOSPI rose 0.17%.

American July will be announced today. data on industrial production and housing starts. Walmart, Target, Home Depot, Tencent and several other companies will announce their latest quarterly financial results. On Wednesday, the Fed’s July rate will be released. minutes of the meeting. Market participants are hoping for clues to the Fed’s near-term plans to tighten monetary policy.

Source: The Delfi





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