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The investors were earlier worried about the global economic slowdown as well as about the oil demand. Moreover, the tensions about the global slowdown further increased when Apple Inc. had reduced the expectations about the revenues for the December 2018 quarter. Also, the slowdown in the Chinese economy increased the worries. The global market participants were also surprised when, after Federal Reserveâs December 2018 meeting, the market participants took a hint that in 2019 there are expectations for two rate hikes. However, later on, the robust jobs report as well as comments from Mr. Jerome Powell supported the investorsâ sentiments and the global markets.
From the strong jobs report for the month December 2018, the market participants took a hint the global economy might not witness a slowdown. However, the market players also expected that the Federal Reserve would be patient in raising the rates moving forward which also helped the sentiments of the global market trackers. However, still, moving forward, the global markets would largely be sensitive to the news related to the macro-economic variables. On January 8, 2019, Dow Jones Industrial Average ended the session at 23,787.45 which implies the rise of 256.10 points or 1.09%.
Oil Prices to Remain Sensitive to Trade War Related News and Macro Variables
The market trackers must be aware that the financial markets effect the oil prices and therefore, the downturn in the financial markets can also negatively impact the oil prices. However, the positive news related to the trade wars can substantially support the oil prices from falling down. Moreover, if the concerns related to the economic slowdown diminishes, it would also help the oil prices to rise as fading slowdown concerns also reduces the tensions related to the oil demand. However, the efforts are being made which are focused on the trade war settlement. If the trade war ends on a permanent basis, it would largely support the oil prices as well as global markets.
Australian Markets Closed Higher on January 9, 2018
Today, the Australian markets closed the session higher as S&P/ASX200 ended the day in green. It can be assumed that the Australian markets were primarily supported by the Dow Jones Industrial Average which also closed higher yesterday. On January 9, 2019, S&P/ASX200 closed at 5778.3 which reflects the rise of 55.9 points or 1.0%. The stocks like Magellan Financial Group (ASX:MFG) and Bingo Industries Limited (ASX:BIN) closed the session higher rising 10.294% and 6.941%, respectively.
On the other hand, the stocks like Mayne Pharma Group Limited (ASX:MYX) and Platinum Asset Management Limited (ASX:PTM) closed todayâs session by falling 3.509% and 3.491%, respectively.
Creso Pharma Limited (ASX:CPH) had made an announcement that it had signed Letter of Intent with the Medleaf Limited. Read the full news here. Also, Weebit Nano Limited (ASX:WBT) as well as Silvaco had decided to work together to form Development Program Partnership. Read the full news here.
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