Tuesday July 4th

4-07-2017

European markets move lower; oil retreats after 8 days of gains; Worldpay up 21%

European markets were lower Tuesday morning as international relations came under pressure and oil prices slipped, halting a run of eight straight days of gains. The pan-European Stoxx 600 was down 0.11 percent with most sectors and all major bourses trading in negative territory. Basic resources was among the poorest performing sectors in mid-morning deals as a dip in oil prices weighed on stocks. Oil retreated from its longest stretch of gains in over five years during Asian deals Tuesday. Brent prices fell 0.2 percent to $49.59 per barrel while U.S. crude dipped 0.17 percent to $46.98. Asian bourses turned cautious on Tuesday after North Korea launched a missile, with the Reserve Bank of Australia keeping rates unchanged. North Korea launched a missile on Tuesday, with officials saying it may have landed within Japan's exclusive economic zone. South Korea's Kospi lost ground after the news, ending down by 0.58 percent, or 13.9 6 points, to close at 2,380.52. In the Japanese markets, the Nikkei 225 erased earlier gains to finish the session down by 0.12 percent, or 23.45 points, at 20,032.35. In greater China, the Hang Seng Index fell 1.54 percent at 3:20 p.m. HK/SIN. Hong Kong's Growth Enterprise Market (GEM) Index tumbled more than 1 percent to a fresh record low, according to Reuters. Stocks on the mainland markets also fell. The Shanghai Composite was off by 0.39 percent, 12.4444 points, to close at 3,183.4672, and the Shenzhen Composite slipped 0.455 percent, or 8.6770 points, to end at 1,896.5267. Gold edged higher on Tuesday, supported by a ballistic missile test by North Korea and an easing dollar, but was still sitting near seven-week lows hit in the previous session. Spot gold rose 0.2 percent to $1,223.08 per ounce at 0417 GMT. On Monday, it fell 1.7 percent, its biggest one-day percentage loss since November, to touch a low of $1,218.31 an ounce, its weakest since May 11. U.S. gold futures for August delivery rose 0.3 percent to $1,222.30 an ounce. U.S. markets will be shut on Tuesday for the Independence Day holiday.