Daily Market Update – February 9

Oil Pushes Higher After Supply Data

Oil futures are trading higher shortly before the regular session opening. The move is a follow-through rally in reaction to yesterday’s news of an unexpected draw in U.S. gasoline inventories. On Wednesday, the U.S. Energy Information Administration (EIA) said that gasoline stocks fell by 869,000 barrels last week to 256.2 million barrels, versus trader expectations for a 1.1 million-barrel gain.

Crude oil is rising 0.76% to trade at $52.74 a barrel while Brent Crude Oil is trading at 55.52, above 55 dollar a barrel.

Global Stocks Higher, US Stocks Market Flat

European stock markets are moving higher as oil prices pick up. German earnings reports from Commerzbank, Thyssen Krupp and Heidelberger Druck failed to spark fireworks and German trade data at the start of the session saw a sharp drop in exports in December, but despite all this the DAX is posting a gain. The French CAC 40 outperformed and the banking sector bounced after a better than expected earnings report by Societe Generale SA. U.S. stock futures are also marginally higher, after a mostly positive session in Asia, where the Nikkei underperformed ahead of Abe’s meeting with Trump Friday. The pickup in oil prices and the flurry in earnings reports may have given markets some boost this morning, but upside moves remains challenges as investors hold back and await more guidance on U.S. policies going ahead.

Greek Withdrawal From Eurozone Flare Up Again, Britain is on The Way Out of The EU

Grexit risks flare up again, as the bailout program once again runs into problems and IMF and European creditors disagree over the sustainability of Greek debt the possibility of a Greek exit from the Eurozone is coming back on the horizon. Germany and the Netherlands have stressed that IMF participation remains crucial and German Finance Minister Schaeuble said yesterday that a debt haircut for a Eurozone member is impossible.