Monday July 4th

4-07-2016

US markets closed for 4th of July.

U.S. markets are closed on Monday for the U.S. Independence Day holiday. Australian shares advanced on Monday, shrugging off uncertainty over its inconclusive election outcome over the weekend, to join the continuing post-Brexit rally across Asia markets. Australia's benchmark ASX 200 closed up 35.19 points, or 0.67 percent, at 5,281.80, paring earlier losses of 0.38 percent. The heavily-weighted financials subindex closed down 0.12 percent, dragging on the benchmark index as major banking stocks fell, with Westpac shares closing down 1.02 percent. Among other markets, Japan's Nikkei 225 closed up 93.32 points, or 0.6 percent, at 15,775.80, retracing earlier declines of 0.44 percent. Across the Korean Strait, the Kospi added 7.98 points, or 0.4 percent, to 1,995.30. In Hong Kong, the Hang Seng index was up 1.37 percent in late afternoon trade. Chinese mainland markets closed up, with the Shanghai composite adding 55.66 points, or 1.9 percent, to 2,988.14 and the Shenzhen composite up by 30.96 points, or 1.57 percent, at 2,001.68. Oil prices rose on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed. Brent crude futures were trading at $50.58 per barrel at 0938 GMT, up 23 cents from their last settlement. U.S. crude was up 17 cents at $49.16. Gold rose on Monday as political turmoil following Britain's vote to leave the European Union supported prices after a burst of short-covering activity in China had pushed them back towards last week's two-year high. The precious metal reached a peak of $1,357.60 an ounce overnight, less than $1 below last month's high, before easing back below $1,350 an ounce. Silver also benefited from a surge of buying in China which at one point took it up more than 7 percent, breaking above $21 an ounce for the first time in two years. The metal has also benefited from strong technical signals. Spot gold was up 0.7 percent at $1,351.35 an ounce at 1130 GMT, while U.S. gold futures for August delivery were up $15.40 an ounce at $1,354.40. Silver was up 2.7 percent at $20.29 an ounce.