Market Buzz: Oil growth to give strength
Friday April 19 ended in the
black for the Russian floors against positive outlook in Europe and
growing oil. The MICEX added 0.24% to close at 1338.43, while the
RTS gained 0.67% to close at 1345.19.
European stock markets mostly closed higher on Friday also reflecting growth on the Asian markets. Investors took advantage of the recent slide to buy cheaper stocks ahead of the weekend.
The Stoxx Europe 600 index gained 0.5% to close at 285.21 on Friday. The British FTSE 100 index of leading companies rose 0.69% to 6,286.59 points, the French CAC 40 added 1.46% to 3,651.96 points. The DAX 30 in Germany lost on Friday giving up 0.18% to 7,459.96 points.
European floors are expected to open higher on Monday. Investors believe resource stocks will keep on growing after Friday’s gains as commodities prices recover after last week’s major slide.
US stocks ended Friday higher as well. Yet despite the optimistic Friday’s picture, last week turned out the worst week in months for the US market.
On Friday The S&P 500 index added 13.64 points, or 0.9%, to 1,555.25. For the week however The S&P 500 was off 2.1%, the biggest loss since November.
The Dow added 10.37 points, or 0.1% to 14,547.51, after spending the most of the trading session losing. Weekly loss for the Dow Jones industrial average made 2.1%, the indicator’s worst performance since June.
The NASDAQ Composite slid 88.89 points or 2.70% to close at 3,206.06. The tech indicator was down 2.7% on the week, the worst since October.
Monday looks good on the Asian markets. Most Asian stocks traded higher on April 22. Stocks in Japan continue their impressive rally as Abenomics seems to do its job well. Also the G20 summit in Washington held through Thursday and Friday last week revealed that finance ministers and central bank presidents from the world’s biggest economies approved of Japan’s newly adopted stimulus plan, pushed by Japanese Prime Minister Shinzo Abe.
Elsewhere on the Asian floors South Korea’s Kospi gained 0.5% to 1,916.62. Hong Kong’s Hang Seng lost slightly sliding by 0.1% to 22,001.27. Australia’s S&P/ASX 200 rose 0.4% to 4,949.
Oil is currently mixed. Brent losing 0.04%, and WTI rising 0.19%.