Stocks in Europe and Asia trimmed weekly gains as oil fell for the
first time in three days, denting optimism that this year’s rout in
commodities was easing.
A global equities gauge fell for the first
time in six days, bringing to an end a rally fueled by the first signs
that producers may consider steps to rein in a record crude glut.
Friday’s drop in energy prices dragged the Bloomberg Commodity Index
lower even as industrial metals rose.
Britain’s pound declined as David Cameron negotiated with European Union leaders over the U.K.’s membership of the bloc, while bonds across the continent rose. The yen strengthened against all of its 31 major peers, with the biggest gains coming versus Asian currencies.
“It’s a bumpy stabilization on oil, currency, spreads and equities,” said Didier Duret, who oversees about $219 billion as chief investment officer of ABN Amro Bank NV’s wealth-management unit. “The tail of energy has moved the psychology of the market.”
Commodities were left little changed on the week after Saudi Arabia and Russia, the world’s two largest oil-producing countries, agreed Tuesday to freeze output at near-record levels and Iran said it would support the measure without pledging its own cuts.
While that’s helping to calm financial markets, Capital Group Cos., the money manager with $1.4 trillion in assets, expects volatility to remain elevated amid a slowing global economy and uncertainty about central bank policies.
The Stoxx Europe 600 Index slid 0.5 percent, after rising as much as 0.3 percent. While the equity benchmark was set for a 4.7 percent gain this week, it’s still down more than 10 percent this year amid concerns ranging from global growth and the deepening oil slump, to the creditworthiness of lenders and dissipating faith in central-bank support.
Britain’s pound declined as David Cameron negotiated with European Union leaders over the U.K.’s membership of the bloc, while bonds across the continent rose. The yen strengthened against all of its 31 major peers, with the biggest gains coming versus Asian currencies.
“It’s a bumpy stabilization on oil, currency, spreads and equities,” said Didier Duret, who oversees about $219 billion as chief investment officer of ABN Amro Bank NV’s wealth-management unit. “The tail of energy has moved the psychology of the market.”
Commodities were left little changed on the week after Saudi Arabia and Russia, the world’s two largest oil-producing countries, agreed Tuesday to freeze output at near-record levels and Iran said it would support the measure without pledging its own cuts.
While that’s helping to calm financial markets, Capital Group Cos., the money manager with $1.4 trillion in assets, expects volatility to remain elevated amid a slowing global economy and uncertainty about central bank policies.
The Stoxx Europe 600 Index slid 0.5 percent, after rising as much as 0.3 percent. While the equity benchmark was set for a 4.7 percent gain this week, it’s still down more than 10 percent this year amid concerns ranging from global growth and the deepening oil slump, to the creditworthiness of lenders and dissipating faith in central-bank support.
This company is a scam they have fleeced alot of people out of their money
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