Rise in Oil Price Causes Stir in Market
On July 26, 2017, the price of oil rose above $50 per barrel giving a boost to the stock markets. The world economy is now set for another slowdown.
The European stock markets reportedly experienced half a percent rise by lunchtime, owing to the crude increase in oil rates topping $50 for the first time and an increase a one percent increase in copper rates.
However, the performance in Asia dropped the MASCI world equity index overnight, whereas the US stocks edged higher on the opening.
European shares were backed up by the strong results obtained from energy firms such as Subsea 7 and Tullow Oil, however, index-level gains were weighed on by banks as investors awaited for outcomes of the Federal Reserve’s two-day policy meeting.
The results showed a positive outlook for the energy stocks, crossing expectations of firms, helping them clear out their balance sheets.
As oil and gas gained profits of 0.7 percent, the pan-European STOXX 600, Eurozone stocks, and blue-chips gained 0.4 percent.
The German industry witnessed what its economists described as ‘euphoric’ mood, with the soaring record highs in July, while the US consumer confidence levels soared to around 16-year highs. This helped recover the dollar in US and Asian trading.
The ISEQ Overall Index, in Ireland had jumped to 6,893.47 by 2.9 percent.
A 15 percent plunge was experienced by the Shares in Permanent TSB as it released short-term results. Also, the number of non-performing loans remained significantly high.
Shares in Allied Irish Bank was up by 0.9 percent, while that in the Bank of Ireland were marginally higher.
Some other gainers included the Swiss-Irish food group Aryzta which had its shares increased by 2.1 percent in Dublin at €27.70, the FTSE-100 in UK traded shares 0.35pc higher, Germany’s DAX increased by 0.4pc and France’s CAC-40 jumped 0.6pc higher.
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