US markets dropped on Friday posting a weekly loss for the first time in two weeks. Traders focused on falling oil prices and fears over the global economy. In addition, traders seemed to participate in an end of year sell off.

Asian markets declined across the region. The Japanese Prime Minister, Shinzo Abe, and his coalition won the elections yesterday with the party winning more than 2/3 of the seats.

European markets are mixed today. The market is being hit by the upcoming Presidential vote in Greece which could cause a political deadlock.

Oil dropped to a new 5 year low after the IEA reduced their forecasts for global oil demand for 2015 by 230,000 barrels/ day. Today, the price rebounded slightly following news from Libya that one of their ports has halted production due to a strike. Traders will await data from China, Europe and the US later in the week to gauge demand.

Gold declined despite declines in the stock market. Speculation is ongoing that the Fed may provide more information on the Interest rate hike during their FOMC statement on Wednesday and many expect them to be hawkish.

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US markets climbed after the release of positive data. Gains were initially stronger but declines were seen after oil prices dropped further.

Asian markets were mixed during today’s session. The Nikkei added 0.66% ahead of General elections on Sunday.

European markets are lower today as oil prices continue to fall. The FTSE 100 is currently down 1.54% and is being led by losses in energy companies.

Oil dropped below $60/barrel following a decision by the IEA to cut the demand outlook for 2015. This comes after OPEC and the EIA already reduced their 2015 forecasts. US supplies continue to increase and the price war is ongoing between OPEC and U.S. Shale Producers. It is estimated that the price could keep falling until OPEC decides to cut supply.

Gold declined slightly following positive US data. The price has remained above $1,220.000 as the global outlook is still on the downside. However, as US data continues to improve, speculation is boosted that interest rates could be raised sooner than expected.

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World stocks and oil prices steadied on Thursday as investors waited to see how much help the ECB's latest funding flood could provide the euro zone and if an expected sharp hike in Russian interest rates could stabilize the ruble.

European shares nudged higher in opening deals and the dollar also halted its abrupt slide of the last few days as investors caught their breath after some sell-offs exacerbated by the year-end drop in trading volumes.

The ECB is offering banks ultra-cheap, four-year loans as part of a package of measures to add around 1 trillion euros to its balance sheet - a goal it has set with a view to pumping money into the economy to save it from deflation.

But a Reuters poll carried out this week points to only around 130 billion euro being taken. After a disappointing first round in September, it could strengthen the case for the more controversial option of sovereign bond buying.

Asian stocks sagged overnight after the decline in oil prices took a heavy toll on energy shares and hit Wall Street hard.

Oil ticked higher in early European trading but remained below $65 per barrel, not far from a five-year low hit in the previous session. In the meantime, gold dropped.

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US markets are on track for a modestly lower start. Index futures spent the bulk of the night just below their flat lines, but slipped to lows about an hour ago. The recent downtick took place as markets in Europe retreated to their lows, but for the time being, the key indices there have been able to stay out of the red.

The major Asian bourses ended mixed. Japan's 10-yr yield dipped below the 0.40% threshold for the first time ever after the BSI Manufacturing Index (8.1; expected 13.1) was the latest number to fall short of estimates.

Major European indices have slipped from their highs with Spain's IBEX (-0.1%) dipping into the red. Elsewhere, Bank of England Governor Mark Carney discussed the expected rate path once again, saying rate hikes will be gradual and limited. Mr. Carney also said inflation is likely to dip below 1.0%

Gold climbed today, while Crude oil is lower by 2.2% at $62.45/bbl while copper futures have surrendered 1.0% to $2.899/lb.

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US markets declined with the S&P 500 experiencing its biggest decline in 7 weeks. Losses were led by energy companies which dropped as oil prices continued to fall. Worries about global growth and weak data from Asia also pushed prices lower.

Asian markets declined across the region. The Nikkei lost 0.68% as the Dollar posted losses against the Yen, falling below 120. Chinese markets were hit by falling energy shares but losses heightened following the Central Economic Work Conference.

European markets are lower today as traders react to signs of slowing global growth.

Oil dropped to a new 5 year low after Iraq cut their prices to Asia in response to a previous cut by Saudi Arabia. The selloff began when OPEC decided not to cut production at their last meeting and analysts estimate that the price could remain low for up to 6 months if no cut is made. The API will release inventory data later today and could spark short term volatility.

Gold rallied and climbed above $1200/ounce as fears over global growth resurfaced following weak data from Japan and Europe. The price also climbed as the stock market declined and people reinvested in the metal. Gains may be limited, however, as speculation has increased that the Federal Reserve could hike US interest rates sooner.

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