US stocks dropped for a fifth day. Falling oil prices continued to knock sentiment pushing investors to less risky assets. Negative data was also released.
Asian markets climbed across the region. The Nikkei added 0.01% as the Dollar climbed against the Yen. The Hang Seng added 0.83% due to a possible technical rebound after falling a day earlier.
European markets are higher today due to hopes of increased stimulus. The yearly CPI declined by 0.2% and such a weak figure hasn’t been seen since September 2009. This places more pressure on Mario Draghi, the President of the European Central Bank, to make changes at the next meeting taking place on January 22.
Oil dropped to a fresh 6 year low of 46.8/barrel. The pressure of increasing supplies and lower demand is having a big impact on the market. A slight rebound was seen after the EIA released that inventories declined by 3million barrels over the past week but the price is still trading below $50/barrel.
Gold climbed as a safe haven asset. The stock market also declined as investors ditched riskier assets. The price declined slightly on the back of positive U.S data but it seems as though the market is awaiting the FOMC meeting minutes. Traders are looking for clues regarding an interest rate hike which seems more and more likely. If hawkish comments are made, the metal becomes more undesirable and we could see it drop back down.
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