World stocks have rebounded over the past week

World stocks have rebounded over the past week

 

World stocks have rebounded over the past week without concern about recession with oil prices decline

 

On global stock exchanges, stock prices rose sharply in the past week
thanks to improved business results and declining worries about a recession in Europe
and US crude prices stabilized below $95 a barrel for the first time since April in volatile trading last week.

 

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A remarkable week in global stock markets as recession concern fades

US crude is less than $95

Libya plans to increase oil production to 1.2 million barrels per day

 

 

 

 

 

A remarkable week in global stock markets as recession concern fades

 

On Wall Street, the Dow Jones Industrial Index rose by 2 percent last week
to 31899 points, while S&P rose by 2.4 percent, to 3961
and the Nasdaq rose by 3.3 percent to 11834 points.

 

The growth of these indices is strong thanks to the better-than-expected business results of most US companies.

 

Of the 106 S&P 500 companies that have published reports
75.5 percent have earned higher-than-expected profits.

 

Analysts estimate that S&P 500 companies earned about 6 percent in the second quarter over the same period last year.

 

At the macroeconomic level, the situation is worsening,
with last week’s initial claims for unemployment benefits reportedly rising to 251000
an eight-month high.

 

A further slowdown in the growth of the US economy is also expected because the Fed will increase key interest rates sharply
again due to rising inflation next week, likely by 0.75 percentage points.

 

US GDP data will be published in the second quarter next week
and no one will be surprised if the economy turns out to shrink on a quarterly basis for the second consecutive quarter,
meaning the world’s largest economy is in recession.

 

The recession also threatens Europe because of Ukraine’s energy crisis and war, however
this concern eased somewhat after Russian gas began flowing back on Thursday through Nord Stream 1
the largest gas pipeline between Russia and Germany, after a 10-day break due to reform.

 

There was some concern that Russia could reduce or even halt gas supplies
which would certainly increase gas prices and drive Europe into recession.

 

Stock prices on European exchanges rose last week,

with London’s FTSE rising by 1.6 percent to 7276 points
while the Frankfurt DAX jumped by 3 percent to 13253, and Paris CAC rose by 2.95 percent to 6216 points.

 

However, markets are unwilling because the ECB raised key interest rates for the first time since 2011
more than expected by 0.50 percentage points.

 

The European Central Bank’s more aggressive movement shows central bank leaders are expected
to be concerned about the trend of inflation in the eurozone at record highs, above 8.5 percent.

 

However, inflation is not such a problem in Japan
In June, inflation in Japan stood at 2.2 percent
meaning the central bank could still pursue a very supportive monetary policy.

 

The Nikkei index rose for seven consecutive days on the Tokyo Stock Exchange
by4.2 percent last week to 27914 points.

 

 

 

US crude is less than $95

 

US crude prices settled below $95 a barrel for the first time since April in volatile trading on Friday
after the European Union said it would allow Russian state-owned companies to ship oil to third countries
under a sanctions amendment agreed by member states this week.

 

and US West Texas Intermediate (WTI) crude fell by $1.65, or 1.7 percent, at $94.70 per barrel
while Brent crude futures fell by 66 cents, or 0.6 percent, to $103.20.

 

WTI closed lower for the third straight week
falling over the past two sessions after data showed that gasoline demand
in the United States had fallen about 8 percent from a year earlier,
in the midst of the peak summer driving season, weighed down by record pump prices.

artıcal name World stocks have rebounded over the past week

 

 

 

 

 

Libya plans to increase oil production to 1.2 million barrels per day

 

The National Oil Corporation said in a statement early on Saturday that the National Oil Corporation in Libya
aims to restore production to 1.2 million barrels per day within two weeks.

 

The company added that current oil production is 860 thousand barrels per day compared
with 560 thousand barrels per day before resuming production.

 

Libya’s crude oil production resumed in several oil fields
following the lifting of force majeure on oil exports last week.

 

The blockade of oil production by groups allied with eastern commander Khalifa Haftar cut off funding
for the Tripoli-based Government of National Unity led by Prime Minister Abdul Hamid al-Dubibah.

 

The National Oil Corporation is striving to increase production and return it to normal rates
of 1.2 million barrels per day within two weeks, the statement said.

 

The Libyan Ministry of Oil said earlier that production exceeded 800 thousand barrels
per day and would reach 1.2 million barrels per day (BPD) next month
and the country’s oil exports at times last year amounted to 1.2 million BPD.

 

The number of oil and natural gas platforms in the United States rose this week for the third straight week
as high prices encourage increased well plate spending, boosting demand for some oil field service companies.

 

US oil platforms settled at 599 this week, gas rigs rose by 2 to 155
and the European Union looks to replace Russian gas with Nigerian supplies.

artıcal name World stocks have rebounded over the past week

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