The oil market yesterday was up after an OPEC report forecasted a 1.2 million barrel per day growth in global oil demand next year to reach 95.3 million barrels. As a result, the intraday price of a barrel of Brent rose from $46.0 to $48.5. This morning the prices are slightly down to $48.0 after the publication of yesterday’s API report which showed a 2.20 million barrel rise in US oil reserves after last week’s 6.73 million barrel fall. This evening will see the same stats from the EIA released.
The rally on the world stock markets continues and the baton of growth has been seized once again by Asia. The Nikkei 225 rose by 1.0%. The ASX Australia was up 0.5%. The Shanghai Composite increased 0.4%, and the Hang Seng was up by 0.6%. Futures for the S&P500 were trading at 2143; 0.1% below the closing level of the previous trading day. If you haven’t already read, the DJI index reached historical maximums and the S&P500 updated them on Tuesday.
According to the Chinese ministry for foreign affairs, the facts and the numbers show that China is still an attractive place for investors from the EU and the world throughout. According to the ministry, 8,298 new enterprises were registered from January to April in which foreign capital was used; 6.5% higher than for the same period last year. In particular, 555 enterprises were opened by investors from the 28 countries of the EU: a 5.1% rise.
The USD was trading slightly down against the yuan at 6.6846 (-0.0039 or -0.06%).
The EUR/USD on Tuesday returned to 1.1060 by the end of the day after a growth from 1.1055 to 1.1125 and then was trading in a 1.1055-1.1070 range during the Asian session. Today is full of economic news: the EU is publishing some May data for industrial production, Canada will make an interest rate decision and the US will release its Beige Book and import/export figures.
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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
Director of Alpari's analytical department
## ojimadu position
Senior Alpari analyst
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