2024-01-29 08:05:00 ET
Summary
- Oil prices reversed after a sharp rally initially in Asia. March WTI, which settled near $78 ahead of the weekend, rallied to about $79.30 before returning to almost $77.50, and is now a little above $78.
- China's CSI 300 rallied about 2% last week. It gave back nearly half of last week's gains today, even though the other large regional markets rose.
- Europe's STOXX 600 is in a narrow range near the pre-weekend high, which was the best level since in nearly two years. US equity indices are narrowly mixed.
- Most European currencies are weaker, and the euro made a marginal new low for the year.
- EM currencies are mostly lower, though a handful of Asian currencies are posting minor gains.
Overview
Key developments today include the Hong Kong court-ordered liquidation of China's Evergrande ( EGRNQ ) and the reversal of oil prices after a sharp rally initially in Asia after separate attack in the Middle East that killed US troops in Jordan and struck a Russian oil tank in the Red Sea. March WTI, which settled near $78 ahead of the weekend, its best level since the end of last November, rallied to about $79.30 before returning to almost $77.50, and is now a little above $78. China's CSI 300 ( SHSZ300 ) rallied about 2% last week on the back of the cut in reserve requirements and other efforts to support the equity market. It gave back nearly half of last week's gains today, even though the other large regional markets rose. Europe's STOXX 600 is in a narrow range near the pre-weekend high, which was the best level since in nearly two years. US equity indices ( SPX , SP500 ) are narrowly mixed. Separately, before the weekend, the Biden administration announced a halt in new liquefied natural gas exports. It does not impact current flats but could delay or derail large new projects. Post Russia's invasion of Ukraine, the US provides about half of Europe's LNG shipments. Europe's benchmark has fallen for the past three weeks but is up 1% today....
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Oil Retraces Initial Surge, Euro Slips To Marginal New Low, While Sterling Hugs $1.27