In a market wrap, analysts at ANZ Bank New Zealand Limited (“ANZ”) explained Brent oil spiked 2.8% to over USD80/bbl as OPEC and allies signalled there was no urgency to boost output.
Key Quotes:
“Equities fell 0.3-0.7%, with industrial shares down on China’s more hard-line trade communications and political uncertainty weighing after reports that US Deputy Attorney General Rod Rosenstein will resign.”
“Energy shares are on the rise, but declines were recorded in all other sectors.”
“The USD was mixed with GBP rising and NZD and AUD bearing the brunt of trade developments.”
“EUR briefly shot above 1.18 as Draghi outlined an optimistic outlook, but gains were unwound.”
“European fixed income markets were also weighed on the positive assessment.”
“The German 10-year bund yield rose 5bps and the UK 10-year gilt rose 6bps.”
“The treasury curve bear steepened a bit with the 2-year yield up 0.9bps and the 10-year yield up 1.5bps. Gold was stable.”
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