|02 October, 2019

Wednesday outlook: Oil gains, stocks drop, gold edges higher

MSCI's gauge of stocks across the globe, covering 49 markets, stood near its lowest level since early September after shedding 0.83 percent in the previous session

Image used for illustrative purpose. Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California.

Image used for illustrative purpose. Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California.

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  • Oil prices rebound
  • Asian shares retreat
  • Egypt’s EGX30 gains 1.7 percent
  • Dollar drops, gold edges higher

Zawya brings you all the latest news and insights relevant to Middle East and global investors in equities, commodities and currencies.

Oil recovers ground after U.S. data shows crude stock build

Oil rebounded from several days of declining values after industry data showed a surprise drop in U.S. crude inventories, offsetting weak economic readings in the United States that have depressed global stock markets.

Global shares at 1-month low on U.S. manufacturing shock

Global shares retreated to one-month lows on Wednesday after U.S. manufacturing activity tumbled to more than a decade-low, sparking worries that the fallout from the U.S.-China trade war is starting to spread to the U.S. economy.

Mideast Stocks: Financials lead Egypt higher as banks weigh on Saudi

A rebound in financial shares boosted Egypt's blue-chip stock index on Tuesday, a day after it took a breather to snap three straight days of gains, while Saudi Arabia reversed early gains as most of its banks declined.

Dollar pinned down after decade-low U.S. manufacturing data

Worries about a slowing U.S. economy and the possibility of further interest rate cuts in the wake of weak U.S. manufacturing data kept the dollar pinned down on Wednesday, as investors sought safety elsewhere.

Gold inches up as weak U.S. data reinforces economic slowdown fears

Gold prices inched up on Wednesday, after rising as much as 1% in the previous session, as dismal U.S. manufacturing data fanned fears of a sharp global economic slowdown and stoked bets of further interest rate cuts.


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