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Top 5 Things to Know In the Market on Thursday

EconomyFeb 11, 2016 10:28
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Top 5 Things to Know Today In Financial Markets - Here are the top five things you need to know in financial markets on Thursday, February 11:

1. U.S. dollar sinks to lowest since October 2014 against Yen

The greenback crashed to a fresh 15-month low against the yen, as steep declines in global equity markets supported demand for safe-haven assets.

USD/JPY hit lows of 111.00, before pulling back to trade at 111.37 by 10:15GMT, or 5:15AM ET, off 1.75% for the day. The dollar is now down almost 8% against the yen from the six-week high of 121.68 reached on January 29, following the Bank of Japan’s shock decision to adopt negative interest rates.

Meanwhile, the dollar index fell 0.35% to 95.51, the lowest since October, after Federal Reserve Chair Janet Yellen indicated that further rate hikes could be delayed.

2. U.S. oil futures crash below $27

West Texas Intermediate oil futures tumbled below the $27-level to re-approach the lowest level in almost 13 years on Thursday, as record crude inventories at the Cushing delivery hub underlined concerns over a supply glut.

U.S. crude was down 75 cents, or 2.75%, at $26.70 a barrel, while Brent declined 40 cents, or 1.3%, to $30.44.

3. Gold, bonds shine amid flight to safety

Gold futures jumped to $1,220 on Thursday, the highest level since May, amid growing skepticism over the Federal Reserve's ability to raise interest rates as much as it would like this year.

Meanwhile, U.S., German and U.K. sovereign bond prices surged, as anxiety over slowing growth, weak oil prices and tighter credit markets spurred a flight to safety.

4. European bank stocks tank

Banks led the European selloff again, with the Stoxx Europe 600 Banks Index (DE:SX7PEX) down 6%, extending its year-to-date loss to 28%.

Societe Generale (PA:SOGN) shares plunged 14.3% in Paris after the lender’s earnings report missed forecasts. In Germany, Deutsche Bank (DE:DBKGn) crashed 7%, while Italian banks, such as Unione di Banche Italiane (MI:UBI) and Mediobanca (MI:MDBI) were each down more than 10%.

5. Dow futures down 300 points as global stocks plunge

U.S. stock markets pointed to heavy losses at the open on Thursday, joining a global market selloff, as investors shunned risk and crude extended losses.

The blue-chip Dow futures dropped 285 points, or 1.8%, in early trade, the S&P 500 futures slid 33 points, or 1.77%, while the tech-heavy Nasdaq 100 futures slumped 83 points, or 2.08%.

Elsewhere, European stocks slumped to the lowest level since October 2013, while Hong Kong’s Hang Seng Index fell in its worst start to a lunar new year since 1994 as trading resumed for the first time this week.

Top 5 Things to Know In the Market on Thursday

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