In European Equity Markets the pan-European Stoxx 600 rose 0.06 percent by the close of trade but most major bourses struggled to leave negative territory. Europe’s banking index was the worst performer Thursday, down 1.2 percent amid earnings news. French bank Societe Generale led the losses, shortly after it reported fourth-quarter results would be negatively impacted by tough market conditions. Shares of the Paris-listed stock slipped more than 6.1 percent on the news.

 

In Currency Markets the British pound rose to a two-month high against the euro on Thursday, extending recent gains on growing expectations that Britain can avoid a no-deal Brexit. In a tumultuous week for British politics, Prime Minister Theresa May’s Brexit deal suffered a heavy defeat in parliament but she won a subsequent vote of confidence, removing some political uncertainty for now. Against the euro, the pound firmed to 88.19 pence, its strongest level since late November. It was trading 0.25 percent up at $1.2906, inching towards a mid-November high of $1.2930 hit last week.

 

In Commodities Markets oil prices fell about 2 percent on Thursday, extending recent weakness on concerns over surging U.S. crude production and slack global demand, particularly in light of the ongoing trade dispute between the United States and China. Brent crude oil futures were down $1.06, or 1.7 percent, to $60.26 a barrel. U.S. crude futures fell $1.00 to $51.31 a barrel, off 1.9 percent. The OPEC in its monthly market report cut its forecast for the average demand for its crude in 2019 to 30.83 million bpd, down 910,000 bpd from the 2018 average.

 

In US Equity Markets main indexes fought back from a weak start to hover near one-month highs on Thursday, as gains in healthcare and consumer discretionary stocks offset losses in the energy and financial sectors. Morgan Stanley fell 6.3 percent after reporting a lower-than-expected quarterly profit as spikes in volatility in the end of the fourth quarter hurt trading. The S&P 500 was down 0.08 percent, at 2,614.01 and the Nasdaq Composite  was flat at 7,036.33. A decline in oil prices dragged the S&P energy index down 0.73 percent.

 

In Bond Markets U.S. Treasury yields ticked up on Thursday as better-than-expected economic data offset trade tensions between China and the United States, holding down safe-haven bids for U.S. government debt. The 10-year Treasury yield hit a near one-year low of 2.543 percent almost two weeks ago on concerns about weakening economic growth and bets the U.S. central bank may not raise interest rates in 2019. Thee Treasury Department will sell $13 billion in 10-year Treasury Inflation Protected Securities at 1 p.m. NY Time.

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