Oil pares weekly gain amid virus fears, signs of tighter supply Fri, 03 Jul 2020 13:07:40 +0200
Oil slipped on Friday, paring a weekly gain as strong US economic data and tightening crude supplies jostled with fears that a coronavirus resurgence will erode demand.
Hong Kong shares have ended higher Friday, extending the previous day's near-3%, as global markets were boosted by a better-than-expected reading on US jobs creation.
The rand strengthened to below R17 against the US dollar on Thursday morning. Grim US jobless claims data could strengthen it even further.
Gold headed for the biggest quarterly advance since 2016 amid a surge in demand for haven assets due to the ongoing coronavirus outbreak, which shows no signs of abating.
Gold futures neared a level last seen at the end of 2011 as demand for haven assets surge amid concerns over rising coronavirus infections.
Oil pared its decline from a three-month high as investors turned their attention back to improving demand and easing supply.
Oil has been poised to resume a run of weekly gains on signs consumption is picking up as economies emerge from lockdowns.
Hong Kong stocks rallied more than 2% Tuesday as world markets were given a much-needed boost by a Federal Reserve move to provide cash for firms hit by virus lockdowns.
European stock markets have rallied by more than 2% in opening deals on Tuesday, as global investor sentiment was boosted by US Federal Reserve stimulus news.
Wall Street stocks bounced in opening trading Friday, winning back some of the losses suffered in three weak sessions that culminated in a rout Thursday.
Tokyo stocks dropped more than 2.8% in early trade on Friday following a plunge in US shares on revived worries about the coronavirus and concerns about overheating equity prices.
A sell-off on Wall Street accelerated after midday Thursday with stocks pulling back from record levels on rising worries about increasing coronavirus cases in some states.
The rand's rally of last week has come to an abrupt end, with the local currency losing over 3% on Thursday to breach R17/$.
Wall Street stocks opened sharply lower Thursday after another spike in US jobless claims amid worries over rising coronavirus cases in some states that have reopened their economies.
Wall Street stocks opened lower on Tuesday, giving back some of Monday's gains ahead of a two-day Federal Reserve meeting expected to maintain aggressive stimulus measures.
With the rand below R17/$ for the first time in two months, analysts have warned the possibility that it will again start to weaken in the short term is fairly high.
Global stock markets took a turn for the weaker on Thursday after previous gains, with investors cautious as they awaited a key ECB meeting.
The rand's rapid turnaround from April's record low has already burnt some traders' fingers.
The New York Stock Exchange, the symbolic heart of Wall Street, reopened its floor Tuesday after a two-month closure due to the coronavirus, with traders donning masks and separated by plexiglas.
Global stock markets climbed Monday, buoyed by the prospect of further easing of coronavirus lockdowns despite sharp increases in case rates in some countries such as Brazil.