U.S. Stocks rose the most in almost three weeks as the concern that has weighed on investors sentiment about a slowdown in economic growth. Energy shares helped push S&P 500 up 0.8% and into positive territory for only the second time in eight trading sessions. The tech-heavy Nasdaq 100 rose 0.8% for the first time in more than a week and the Dow Jones also rose by 0.7%. Treasuries traded flat yesterday after rallying Tuesday on a lower-than forecast inflation report, while the dollar stays sluggish as traders bide time before Federal Reserve Policy meeting next week, where investors expect indications on how soon U.S. central banks will start taper stimulus. Initial Jobless Claims report comes out today as well as; Core Retail Sales and Philadelphia Fed Manufacturing Index (Sep).
Asian stocks fell on Thursday as the debt crisis at China Evergrande Group and Beijing’s latest push to rein in private industries hurt sentiment. China’s CSI 300 is down by 0.7% and Japan’s NIKKEI is down by 0.68% %, currently trading at 30,305.11. In Hong Kong, the Hang Seng index was down by 2.04%, trading at 24,522.54.
European shares slipped on Wednesday as utilities fell on Spain’s move to cap energy bills, while luxury stocks continued to weaken on worries about a slowing Chinese economy. Spain’s IBEX lost 1.7%, the most among regional indexes. The benchmark STOXX 600 index was down 0.8%, and off about 2.5% from the record high in mid-August. France stocks were lower after the close on Wednesday, as losses in the Foods & Drugs, Gas & Water and General Financial sectors led shares lower. At the close in Paris, the CAC 40 fell 1.04% to hit a new 1-month low, while the SBF 120 index declined 1.00%. Germany stocks were lower after the close on Wednesday, as losses in the Media, Consumer & Cyclical and Utilities sectors led shares lower. At the close in Frankfurt, the DAX fell 0.68%, while the MDAX index fell 1.18%, and the TecDAX index declined 0.88%.
The Russian stock market remained bullish by Wednesday evening thanks to the rally in oil and gas, while external stock markets are giving mixed signals. At the close of trading, the Moscow Exchange index added 0.24%, the RTS index rose 0.69%. The dollar went up by 2.5 kopecks to 72.30 rubles in early trading on the Moscow Exchange on Thursday while the euro remained unchanged at 85.37 rubles, the exchange reported.
Oil prices climbed on Thursday, extending the previous day’s solid gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer. Brent crude oil rose 18 cents, or 0.2%, to $75.64 a barrel by 0340 GMT, after settling up 2.5% the previous day. U.S. West Texas Intermediate (WTI) crude were up 18 cents, or 0.3%, to $72.79, after settling 3.1% higher on Wednesday. U.S. crude oil and fuel stockpiles dropped sharply last week, as refiners in the U.S. Gulf region and oil facilities offshore were still recovering from Hurricane Ida. Crude inventories fell by 6.4 million barrels in the week to Sept. 10 to 417.4 million barrels, the EIA said, compared with expectations in a Reuters poll for a 3.5-million-barrel drop.