Surge in Oil Punctures Holiday Markets

Apr 22 10:04 2019 Print This Article

Overview: With many centers closed for the extended holiday, the calm in the global capital markets has been punctuated by reports that the US is considering ending its exemption for eight countries to have bought Iranian oil over the past six months.  The waivers were to end on May 2, but previously it was thought that a couple of waivers, like for China and India, would be extended.  Oil prices have surged to new six-month highs.  Asian equities were mixed, with losses in China, India, and Indonesia and gains in Japan, Korea, and Taiwan.  Most European centers are closed.  The S&P 500 is trading 0.3% lower after alternating last week between gains and losses.  Benchmark bond yields were higher in Asia, with China's 10-year edging above. 3.40% for the first time since the middle of last November.  European stock and bond markets are closed.  The US 10-year tested the 2.60%-level last week and backed-off.  The US dollar is narrowly mixed against the majors.  The Canadian dollar and the Norwegian krone are the strongest in an apparent oil play.  The euro, sterling, and yen are practically unchanged.  The liquid, accessible emerging market currencies, like the South African rand, Turkish lira, and Mexican peso are nursing losses.  The Russian rouble is an exception, and that too seems driven by the jump in oil prices.  

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About Article Author

Marc to Market

Marc Chandler has been covering the global capital markets in one fashion or another for more than 25 years, working at economic consulting firms and global investment banks. Chandler attended North Central College for undergraduate work, where he majored in political science and the humanities. He holds master's degrees from Northern Illinois University and University of Pittsburgh in American History and International Political Economy. Currently Chandler teaches at New York University Center for Global Affairs, where he is an associate professor. A prolific writer and speaker he appears regularly in the press and has spoken for, and is an honorary fellow of, the Foreign Policy Association. In addition to being quoted in the financial press daily, Chandler has been published in the Financial Times, Foreign Affairs, and the Washington Post. In 2009, Chandler was named a Business Visionary by Forbes. In 2009, his book, Making Sense of the Dollar, was published by Bloomberg Press and received a Bronze Award from Independent Publishers.

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