Market Snapshot – Stock Markets Recover On Oil Price Rise

Stock Markets Recover Slightly

Its been a good day so far for the stock markets and it would have been a relief to the investors in Europe after the last few days when the stock markets in Europe have been falling in a slow and steady manner. Today, we have seen the DAX recover on the back of strong German IFO business data which was quite unexpected actually. The FTSE also followed suit as the oil prices rose during the course of the day as well. The reason for this was the conclusion of a largely successful OPEC meeting today. It was a meeting in which Nigeria agreed to join the production cut deal of the OPEC and it was also in the same meeting that Saudi Arabia agreed to cut its oil production even further. This also helped the stock markets all across the world to climb higher.

All Eyes on FOMC tomorrow

Tomorrow we have the FOMC meeting minutes which is likely to be one of those that do not have much volatility associated with it. There is no statement associated with it and there will not be any press conference following it as well. So, the markets will be keenly watching the FOMC minutes to look for any hints on when the next rate hike is likely to be. The gold prices have become pretty volatile during the course of the day today as the markets await the biggest news of the week that is scheduled to come in tomorrow.