Oil prices rose on expectations of strong demand growth in China, gains have been modest however, as ample supplies in rising U.S. crude inventories held prices back. Further signs that OPEC members are starting to cut output have also supported prices. U.S. West Texas Intermediate (WTI) crude oil futures were last seen trading at $52.38 a barrel, up 8 cents while Brent was lifted by record Chinese car sales, which grew 13.7 percent between 2015 and 2016 to 28 million sold vehicles. Indicatively Brent futures were last seen trading 0.6 percent higher at $55.41 as of 9:20 GMT.
Bourses in Europe traded lower on Thursday morning as investors digested the latest remarks by President-elect Donald Trump. President-elect Donald Trump’s first press conference since winning the election proved to be a disappointment for investors looking for cues on his tax and international trade policies. Investors will also be looking closely at the ECB minutes from their December meeting along with U.S. jobless claims data and speeches by several Federal Reserve officials later within the day. In today’s European markets, Germany’s DAX plunged 0.6 percent; U.K.’s FTSE 100 dipped 0.3 percent while France’s CAC 40 and the Euro Stoxx slipped 0.5 percent respectively as of 9:38 GMT.
Donald Trump gave his first press conference yesterday; he started his speech by thanking Ford and Fiat Chrysler for announcing investments in new U.S. plants, adding that Alibaba will also be doing “tremendous” things in the U.S. The new President-elect failed to offer details on his plans to boost fiscal spending and cut taxes however sending the dollar and the U.S. stock markets to new lows. Specifically, the dollar fell to as low as 114.09 yen as of 9:26, having lost 1.1 percent for the day which marks a one month low.