US markets declined as investor confidence was hit as the oil sell off continued. Oil prices dropped below $45/barrel on a number of factors and energy shares were hit once again. Losses heightened at the end of the session as John Williams, Federal Reserve Bank of San Francisco President, said that raising interest rates would be a close call due to signs of a stronger labor market coupled with weaker wages.
Asian markets were mixed today. The Nikkei lost 0.64% as the Yen strengthened as a safe haven asset; the Dollar dropped to a low of 117.7 during the Asian session.
European markets are higher today due to indications that the ECB will begin quantitative easing next week. If this step is made, further liquidity would enter the market which is a positive thing for stocks.
Oil continued to decline and reached a low of $44.2/barrel. Losses were seen after the Prince of Saudi, Alwaleed, stated that oil will never again reach $100/barrel. In addition, the United Arab Emirates oil minister, Suhail bin Mohammed al- Mazroui, spoke earlier today and supported OPECs decision to maintain the current rate of production. Traders should watch the weekly inventory report from the API which will be released at 9:30pm GMT.
Gold is climbing as a safe haven asset as oil prices hit sentiment and equity markets decline. The US stock market opened sharply higher today due to expectations that the ECB will add stimulus and this could push the metal back down. Traders should watch US data which will be released later in the session including the JOLTS Job Openings at 3:00pm GMT.
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