Featured # Markets | 2 years ago

Oil Gains as the Yen Retreats

World stock markets rallied on Tuesday as oil prices increased and companies reported firm earnings while the yen again retreated against the dollar. MIWD00000PUS saw a spike of 0.9 percent, which is on course for its best session in almost a month. The U.S. benchmark S&P 500 gained 0.9 percent and the pan-European FTSEurofirst 300.FTEU3 index advanced 0.8 percent. The yen dropped against the dollar for a second day as an essential Japanese economic adviser restate that the country was ready to get involved in currency markets.

Against a basket of currencies, the dollar wasn’t changed too much, helping to steady oil and other commodities denominated in the greenback. DJI was rising 172.68 points, or 0.98 percent, at 17,878. 59, the S&P 500.SPX was gaining 18.28 points, or 0.89 percent, at 2,076.97 and the Nasdaq Composite. IXIC was adding 31.65 points, or 0.67 percent, at 4,781.86.

The yen fell 0.7 percent against the dollar as risk appetite improved for a second consecutive session, undermining traditional safe havens such as the Japanese currency. Repeated verbal warnings from Japan over the weekend and on Tuesday saying it was prepared to step in to weaken the currency has also held off investors. Oil prices rose as supply disruptions of 2.5 million barrels per day in Canada and elsewhere offset concerns about progressing record-high U.S. crude stockpiles. U.S. crude CLc1 gained 2 percent to 444.30 a barrel while benchmark Brent crude LCOc1 rose 3.2 percent to $45.03 a barrel. Benchmark 10-year notes US10YT=RR gained 1/32 in price on Tuesday to yield 1.7578 percent, down from 1.76 percent on Monday.

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