The price of oil increases, but fails to push european markets to the hausseil 9 moisà from deDavid Becker
European stock markets move lower, with the FTSE 100, which records the worst performance due to the appreciation of the pound. The DAX and the CAC-40 made gains earlier and lower, with investors still waiting for the announcement of the ECB. The asian markets have ended in a variety of ways: the Nikkei has managed to win 0,49% due to the depreciation of the yen against the dollar after the statements made by Yellen yesterday. The chairman of the Fed said that it expects a gradual rise in interest rates until reaching a neutral rate of 3% in 2019. During this time, chinese markets, energy producers and mining companies have recorded the most severe losses. The price of oil has increased from the lowest of yesterday, but WTI remains firmly below $ 52 a barrel, despite the drop in crude oil inventories higher than expected detected by API.
On Thursday, the oil is moved slightly upward, thanks to the publication of the report of the Agency energy information (EIA) of the United States, which has registered a decline in stocks. According to the EIA, the effect that cuts in OPEC have on the market is, to this day, difficult to measure. The EIA has finally revised upwards its estimates on the demand in 2016.
In the evening of Wednesday, the American Petroleum Institute (API) announced that u.s. crude oil inventories decreased by a little over 5 million barrels against the expected decline of 1 million barrels. The figure has been offset by the increase in gasoline stocks, which represents 9.75 million barrels, has been higher than expected. In the last week, the stocks of distilled products, which include products such as heating oil and diesel, fell 1.2 million barrels.
The bond auction by the Spanish government reflected the fact that the yield curve has become steeper. The titles to five years have, in fact, been sold at an average yield of 0,399%, up from 0.27% of the 5 January. At the same time, the performance of the obligations to two years decreased by -0.008% of the last auction of 17 November to -0,234%. With the ECB, which reduces to one year the minimum duration of the obligations of the government that can buy in the framework of the purchase of securities and removes the limit on the rate of deposits, short-term yields continue to decline, while data on inflation pushing long-term yields. This is a phenomenon seen with some favour, as it is estimated that the increase in long-term yields could support the banks.
In November, the current account surplus increased from eur 28.4 billion from the previous month to 36,1 billion euros. The surplus of assets increased 25.9 billion euros to 30.9 billion euros. In addition, the primary surplus has increased dramatically, helping to offset the contraction in the services surplus. The financial account without adjustment showed that in November the flow of direct and portfolio investment of 6.3 billion euros, however, in the same month, the influx remains to be 728,1 billion euros on an annual basis against 273,9 billion euros on an annual basis in November 2015.