Oil plummets, the Mexican peso climbs 2%, markets declare Clinton the victor in the presidential debate, and global stocks fall. Here are four things to know in the market on Tuesday, September 27.
1. Oil Plummets on Doubts of Output Deal
Oil prices came under pressure Tuesday after comments from Saudi Arabia’s Energy Minister Khalid al-Falih casted doubt on the chances of an output deal going through. The energy minister stated that the meeting between OPEC members and non-OPEC Russia were merely consultative. Iran’s oil minister gave similar remarks on Monday.
Brent oil was down 85 cents to $47.09 a barrel, while U.S. crude fell 1.6% to $45.20 a barrel.
2. The Mexican Peso Climbs 2%
The Mexican peso soared 2% following the presidential debate on Monday due to its strong trade ties with the U.S.
The currency was trading at 19.436 against the dollar before easing to 19.607 during morning trade.
The peso had fallen to an historic low against the dollar amid concerns that a Trump presidency may threaten the country’s exports to America.
3. Markets Declare Clinton the Victor in the Presidential Debate
Markets viewed Democratic nominee Hillary Clinton as the winner in last night’s presidential debate, the first of three before election day.
Traders are expecting Clinton to win the election, and many market players fear the implications of a Trump presidency, who is viewed as unpredictable.
Recent national polls indicate that the race is tight with just six weeks until election day.
4. Global Stocks Lower
U.K. and European stocks were mostly lower in mid-morning trade. Germany’s DAX fell 1%, as the banking sector continued to weigh.
Asian share rallied earlier as investor sentiment improved after the presidential debate.
Stock futures in the U.S. pointed to a slightly higher opening. Dow futures lost earlier gains as the debate-induced rally waned.
