The pound came off 31-year lows, oil rose above $48 a barrel, and global stocks rebounded. Here’s what the market is buzzing about on Thursday, July 7.
The Pound Strengthens
The pound climbed 0.6% against the dollar to $1.3008 after falling to a fresh low of $1.2798 the previous session. Positive manufacturing and industrial production data out of the U.K. pushed the currency higher, but concerns of the effects of the Brexit vote still weigh on the currency.
Elsewhere, the yen strengthened as investors continue to focus on safe havens. The yen was 0.2% higher against the dollar, at 101.13.
Oil Climbs to Over $48 a Barrel; Gold Holds Steady
Oil continued its gains on Thursday after new data from the American Petroleum Institute showed that crude stockpiles in the U.S. were down 6.7 million barrels last week. The U.S. Energy Department will release its inventory report later this afternoon.
West Texas Intermediate climbed 1% to $47.91 a barrel. Brent was up 0.9% to $49.26.
Gold held steady at $1,362.92 an ounce, ending a six-day winning streak.
Global Stocks Rebound
Global stocks were higher on Thursday. The Stoxx 600 was up 1.4%, ending its three-week losing streak. All of the index’s 19 industry groups were higher, with banks leading the way with a 1.1% advance.
The S&P 500 was up 0.2% to 2,103.52 shortly after opening. The index is up 5% since last Monday and is trailing just 0.7% from its last pre-Brexit closing price.
The MSCI Emerging Markets Index saw its first gain in three days, climbing 1%. Samsung Electronics Co. (KRX) led the gains with a 2% rise after posting its largest operating profit in over two years. Benchmark indexes in South Africa, Hungary, Hong Kong, Poland and South Korea were all up at least 1% on Thursday.
