🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Oil up on Iran comments, Wall Street ticks down

Published 03/10/2016, 22:23
© Reuters. The Twitter logo and trading information is displayed on a screens on the floor of the NYSE
EUR/GBP
-
XAU/USD
-
US500
-
DJI
-
DBKGn
-
DX
-
GC
-
LCO
-
CL
-
IXIC
-
US10YT=X
-
STOXX
-
FTEU3
-
MIWD00000PUS
-
DXY
-

By Rodrigo Campos

NEW YORK (Reuters) - An index of stocks across the world ended flat on Monday while Wall Street dipped, and oil prices rose to a three-month high after Iran's leader called on non-OPEC producers to help support prices.

The U.S. dollar rose against a basket of its peers after strong manufacturing data, sterling brushed against a three-decade low versus the greenback and the Colombian peso fell after voters rejected a peace deal to end a more than 50-year-old war.

Traders were on the lookout for news from Deutsche Bank (DE:DBKGn), which is working to reach a settlement with U.S. authorities who have demanded a fine of up to $14 billion for the way the bank sold toxic mortgage-backed securities.

The German stock market was closed on Monday but Deutsche's U.S.-listed shares (N:DB) fell as much as 3.7 percent. The stock ended down 0.8 percent at $12.98 after hitting last week $11.185, a record low.

"The feeling is there will be a negotiation lowering that penalty but it's certainly a bit of an overhang on the overall market," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

The Dow Jones industrial average (DJI) fell 54.3 points, or 0.3 percent, to 18,253.85, the S&P 500 (SPX) lost 7.07 points, or 0.33 percent, to 2,161.2 and the Nasdaq Composite (IXIC) dropped 11.13 points, or 0.21 percent, to 5,300.87.

The pan-European STOXX 600 index (STOXX) ticked up less than 0.1 percent and the FTSEurofirst 300 index (FTEU3) ended flat. MSCI's gauge of stocks across the globe (MIWD00000PUS) dipped 0.05 percent.

Crude futures prices rose, taking Brent above $50 a barrel and U.S. crude to three-month highs after comments by Iran's leader exhorting the need for other oil producers to join OPEC in supporting the market. [O/R]

"There's already a soft commitment from Russia that it will be part of the OPEC plan and if more non-OPEC members get on board, prices can only go higher," said Phil Flynn, analyst at the Price Futures Group brokerage in Chicago.

U.S. crude (CLc1) was up 0.9 percent at $48.66 a barrel and Brent (LCOc1) last traded at $50.81, up 1.2 percent on the day.

Sterling fell 1 percent against the dollar to its lowest since July, touching a low of $1.2815 and slightly above a 31-year low of $1.2796 after Britain on Sunday set a March deadline to start the process to leave the European Union. It also hit a three-year low against the euro of 87.47 pence per euro (EURGBP=).

The Colombian peso fell as much as 2.8 percent versus the dollar after voters rejected a hard-negotiated deal between the government and Marxist guerrillas to end a 52-year war. The currency ended down 1.65 percent.

The dollar index, which measures the greenback against a basket of six major currencies, gained on data showing the U.S. manufacturing sector grew by more than expected in September. The index (DXY) was last up 0.3 percent.

The manufacturing data boosted expectations that the Federal Reserve would raise interest rates by December, sending U.S. Treasury yields higher.

Benchmark 10-year notes (US10YT=RR) fell 6/32 in price to yield 1.6256 percent, up from 1.606 percent on Friday.

Spot gold prices fell $3.80 or 0.3 percent, to $1,312 an ounce.

© Reuters. The Twitter logo and trading information is displayed on a screens on the floor of the NYSE

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.