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.
By Gerard Aoun, ZAWYA
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 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 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.
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.
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 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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