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Home » Stoсks struggle despite oil rally

Stoсks struggle despite oil rally

by Stephen Soo
July 6, 2021 05:57
in Fundamental analysis
0
Stocks mixed, dollar eases further ahead of the weekend

German factory orders unexpectedly fell 3.7% in May

Asian equities were mixed on Tuesday despite oil prices rallied to fresh long-term highs just beyond the $78 figure after a meeting of OPEC+ countries was postponed. US markets were closed for a public holiday on Monday. Elsewhere, the Reserve Bank of Australia announced a no change to the official cash rate, leaving it at a record low of 0.10% at its monetary policy meeting earlier today. The central bank announced that it plans a third round of bond buying.

Speaking at the post-monetary policy meeting press conference, Phillip Lowe said that the condition for an increase in the cash rate depends upon the data, not the date. Following the announcement, Australia’s S&P/ASX 200 finished 0.73% lower. Meanwhile, Japan’s benchmark Nikkei 225 gained 0.16% and the Shanghai Composite in China shed 0.11%.

In Europe, stocks opened marginally lower on Tuesday. The pan-European Stoxx 600 hovered 0.2% below the flat-line in early trading. On the data front, the German factory orders unexpectedly fell 3.7% in May versus +5.0% expected and -0.2% last. On an annualized basis, industrial orders rose by 54.3% versus 80.2% previous and expected growth of 75.4%.

In currencies, the dollar trimmed early intraday losses during the European session, with EURUSD retreating back into negative territory following a rejection from the 1.1900 barrier. The pair was last seen trading around 1.1850, down 0.12% for the day. On the positive side, Germany July ZEW survey current conditions arrived at 21.9 versus -9.1 prior.

In commodities, Brent crude surged to fresh October 2018 highs around $77.80 before retreating marginally. The rally was fueled by the fact that talks between OPEC and its oil-producing allies were postponed indefinitely. Considering overbought conditions, oil prices could see some profit-taking in the short term.

Tags: BRENTEURUSDNikkeiOilOPECReserve Bank of AustraliaS&P 500Stoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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