US markets dropped after a volatile session. Falling oil prices continued to hit sentiment. Losses were seen despite the release of positive labor data. JOLTS Job Opening showed that 4.972 million jobs were available at the end of November.
Asian markets dropped across the region. A report was released from the World Bank stating that the global growth forecast for 2015 was downgraded from 3.4% to 3% due to weakness in emerging markets. The report knocked investor confidence triggering a selloff in the market.
European markets are lower today after the World Bank’s report highlighted that the Euro zone is a threat to global growth. Losses could be greater but a report was also released that showed the European Court of Justice gave a green light to the European Central Bank’s asset purchasing program.
Oil reached a new 6 year low as the United Arab Emirates and Kuwait both downgraded their predictions for the global outlook for 2015. The API also reported that inventories climbed by 3.9million barrels over the past week. The World Bank also hit sentiment as they reduced demand for the commodity by downgrading the outlook for the global economy. The price rebounded slightly today but following a report from the EIA which showed inventories climbed by 5.389million barrels we could see it drop back down.
Gold climbed above $1,240/ounce as demand for safe haven assets increased on the back of oil prices. A downwards correction was seen but the price moved back up after weaker than expected Retail Sales data. As the metal showed little reaction to the World Bank’s report we can infer that it won’t move much higher and so we expect it to trade sideways.
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