October 2013

WTI Crude Oil Futures Declines Amid US Shutdown

Futures for  WTI crude were seen dropping lower on Friday during the early hours of the European trading session and the late Asian trading sessions amid a lack of economic events which could potentially price-changing fundamentals.

The West Texas Intermediate oil futures traded 0.14% lower at $103.17 a barrel at the time of writing, while the European Benchmark crude Brent futures declined 0.12% to $108 a barrel at the same time.

WTI Crude – US Shutdown

The US Congress failed to finalize an agreement over the country’s budget for the fiscal year which began yesterday, leading to the government’s first shutdown in 17 years and could affect almost 800,000 federal employees. Read more

Spain Service PMI Drops In September

Spain’s final service PMI dropped to 49.0 points lower in September, falling below the 50 threshold and lower than previous reading of 50.4 in the previous month, the Markit Economics reports confirmed.

“The Spanish service sector failed to show much sign of a recovery during September as activity fell back in response to weaker new order growth which itself had been supported by further sharp discounting. One bright spot from the latest survey was that companies were at their most optimistic about the future for nearly three-and-a-half years, suggesting that Spanish service providers are seeing some light at the end of the tunnel.” Andrew Harker, a senior economist at Markit commented.. Read more

European Stock Futures Open Flat Ahead of PMIs

European stock futures were seen opening flat on Tuesday as the US government shutdown continues, while the PMI services reports are expected to be released later in the day.

The pan-European Euro Stoxx 50 futures declined to 2,910.56 at the time of writing, while the French CAC 40 futures lost 0.04% at 4,163.87. At the same time the UK FTSE 100 edged 0.01% lower, standing at 6,419.68 and the German DAX futures rose 0.03% higher at 8,638.54. Read more

WTI Oil Declines Ninth Time On US Shutdown

Prices for the WTI Oil dropped for the ninth time in the past ten days as investors’ worries over the US first government shutdown in 17 years will slowdown the growth rate of the economy and the demand for crude.

Futures for WTI Oil dropped 0.6% lower in New York and was on the edge of its lowest close in three months. The US began its shutdown on Tuesday after lawmakers failed to agree the federal budget by the deadline on Monday midnight. While crude stockpiles rose by 4.55 million barrels last week, the American Petroleum Institute confirmed. Data expected from the Energy Information Administration is predicted to show a rise in supplies by 2.5 million, according to Bloomberg News survey. Read more

European Stock Futures Falls Ahead Of ECB

European stock futures declined during the pre-market trading on Wednesday, as investors focus on the European Central Bank (ECB) rate announcement and the press conference from ECB President Mario Draghi.

The pan-European Euro Stoxx 50 futures lost 0.24% to 2,911.56 at the time of writing, while futures of the French CAC 40 fell 0.27% at 4,180.87. At the same time the German DAX edged 0.36% lower at 8,670.64, while the UK FTSE 100 declined 0.24%, standing at 6,408.68 at the time of writing.

The European Central Bank (ECB) is expected to announce its rate decision at 11:45am GMT, while ECB President Mario Draghi will be holding a press conference at 12:30pm. Read more