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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessStocks Stabilize Close to Lows
- The e-mini S&P slipped further following the cash open, touching pullback lows of 4662.00 before recovering and stabilizing ahead of the lows. This put prices back above the 4700 mark just after the London close.
- The energy sector led the rebound on Thursday, with oil and gas explorers rallying alongside crude prices. Both the WTI and Brent futures curves rallied sharply as Saudi Arabia cut their OSPs for crude grades headed to Asia by a far smaller margin than expected, prompting markets to rush to price in tighter supply in the near-term. This boosted the likes of Marathon Oil and ConocoPhillips. Chevron lagged the broader market, with the company forced to make temporary adjustments to their oil output from Kazakh sites due to the civil unrest in the country.
- The materials sector underperformed, with precious metals miners making up the most poorly trading stocks. The likes of Freeport-McMoRan and Newmont Mining took a dent from the softer gold price, with the yellow metal consolidating the recent drift below the $1800/oz handle.
- European trade was uniformly negative, putting France's CAC-40 and Italy's FTSE-MIB at the bottom of the pile, while Spanish and UK markets were spared from the bulk of the losses.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.