5 Top Things to know this morning - 10/01

Here are the 5 most important things to know for today.

 

1. U.S. dollar is slipping lower

The greenback edged lower against its major rivals on Tuesday, as some investors opted to unwind their bullish dollar bets ahead of President-elect Donald Trump’s first news conference since his election victory on Wednesday.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.15% at 101.77 by 10:57GMT.

The index fell to as low as 101.48 earlier, pulling further away from last week's 14-year high of 103.82.

 

2. British Pound sinks to fresh 11-week low

The British pound fell to a session low of 1.2107 against the dollar, a level not seen since October 25. It was last at 1.2140, down around 0.2%.

The euro added 0.25% against sterling to 0.8717, after touching a more than eight-week high of 0.8763 earlier.

The selloff in sterling came after British Prime Minister Theresa May said Sunday that the country would not be keeping "bits" of European Union membership.

The remarks were seen as an indication that the UK won’t try to negotiate continued full access to the European single market when it leaves the EU.

 

3. Global stocks struggle for gains

U.S. stock markets were struggling for direction on Tuesday morning, as traders geared up for the start of earnings season.

European equities were slightly lower in choppy morning trade, as renewed concerns over Italy’s lenders dragged bank shares lower across the continent. On the upside, London's FTSE100 rose to a fresh record-high on the back of a broadly weaker pound.

In Asia, markets ended mostly lower, with the Shanghai Composite in China closing down 0.3%, while Japan's Nikkei slumped 0.8%.

 

4. Oil prices rebounds on Tuesday

Oil prices edged slightly higher on Tuesday, after suffering their biggest one-day loss in six weeks in the prior session amid doubts over the implementation of a planned deal by global crude producers to scale back output.

U.S. crude was up 38 cents, or about 0.7%, at $52.33 a barrel, while Brent tacked on 34 cents, or 0.6%, to $55.30 a barrel.

Oil plunged almost 4% on Monday amid fears that rising supplies from Iran and Iraq combined with increased U.S. output would undermine OPEC's efforts to curb a global supply glut.

 

5. Chinese producer prices hit 5-year high

The National Bureau of Statistics reported earlier that China’s producer price index jumped 5.5% on a year-over-year basis, the fastest in more than five years and up from 3.3% in November.

The consumer price index rose 2.1% in December from a year earlier, the agency said, slowing from 2.3% in the preceding month.

The upbeat figures confirmed that China's economy remains on a recovery track.

 

 

 

 

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