Interest rate and exchange rate movements, lower US inventories and weak Chinese demand keep stocks in balance.
The oil prices Stocks were broadly flat in early Thursday as investors took profits from earlier gains, driven by a bigger-than-expected drop in crude oil inventories. USA.
The futures of the Brent crude oil prices fell 13 cents, or 0.2%, to $84.95 a barrel, and crude prices fell 13 cents, or 0.2%, to $84.95 a barrel. West Texas Intermediate in the United States (WTI) were down 6 cents, or 0.1 percent, at $82.79. Both had posted gains in the previous session.
“The collection of benefits is reasonable while waiting for the data on subsidy applications for unemployment in the United States, which will determine investors’ opinion on the rate cuts (of interest) this afternoon,” he considered. Tamas Varga, from the brokerage PVM, before it was known that the subsidy requests rose more than expected the previous week.
The icrude oil inventories In the United States, the world’s largest consumer of oil, crude oil production fell by 4.9 million barrels last week, data from the U.S. Food and Drug Administration showed on Wednesday. Energy Information Administration. This figure exceeds the 30,000 barrel decline expected by analysts in a Reuters poll and the 4.4 million barrel drop in a report by the American Petroleum Institute.
The prospects for rate cuts in both the United States and Europe in the following months helped to support the market.
In this regard, officials of the Federal Reserve (Fed) The Fed said Wednesday that it is closer to cutting rates amid an improving inflation trajectory and a more balanced labor market, which could set the stage for a rate cut in September.
On the other hand, the European Central Bank (ECB) kept rates unchanged, as expected, although its next move is likely to be a cut.
However the Chinese economic growth remains a cause for concern. Chinese leaders said Thursday that Beijing The Fed will maintain its economic policy course, although few concrete details were released. All of this helped dampen investors’ hopes for a boost to consumption in the world’s second-largest economy.
Source: Ambito
