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World News Round up

🟢Oil rises after Israeli strikes on Rafah and the continuation of truce talks

Oil prices rose on Tuesday, May 7, after Israel bombed the city of Rafah in Gaza, while negotiations on a ceasefire with Hamas continued without reaching an agreement.

Brent crude futures rose 23 cents, or 0.28 percent, to $83.56 per barrel. US West Texas Intermediate crude futures also increased 24 cents, or 0.31%, to $78.72 per barrel.

“Oil prices opened higher this morning with some obstacles in the ceasefire talks between Israel and Hamas, which prompted market participants to calculate the impact of geopolitical tensions that are likely to continue for a longer period,” said Yip Jun Rong, market strategist at IG.

France Trade Deficit Lowest in Over 3 Years

France’s trade deficit narrowed to €5.5 billion in March 2024 from an upwardly revised €5.6 billion in the previous month but coming more than market forecasts of €5.0 billion. It marked the lowest trade deficit since January 2021, as exports advanced 2.8% month-on-month to an eight-month high of €52.2 billion, while imports rose at a softer 2.3% to €57.7 billion. Meanwhile, the energy shortfall widened to €4.4 billion compared to €4.1 billion in February. In the manufacturing sector, the trade gap for investment goods declined by €2.1 billion, reaching €1.0 billion, while the deficit for intermediate goods rose by €0.8 billion, standing at €1.7 billion. Also, the trade surplus for consumer goods dropped by €0.5 billion to €0.2 billion.

The Shangai Composite Index Closes 1.16% Higher

In China, the Shangai Composite Index went up by 36 points or 1.16 percent on Monday. Top gainers were Avic Shenyang Aircraft (2.98%) and Avic Aviation Engine (2.49%).

FTSE 100 Soars to New Record High

The FTSE 100 index soared 1.2% to hover at a fresh record of over 8,320 on the first trading day of the week, tracking the gains of European stocks in the past two sessions as markets continued to benefit from expectations of incoming rate cuts by major central banks. The heavyweight industrial mining sector was among the top gainers after some underperformances last week, with Fresnillo surging by 3.5% and both Rio Tinto and Glencore adding 2% as pledges of stimulus and rate cuts in China over its Labor holiday lifted sentiment for base and ferrous metals. In the meantime, Shell jumped over 1% following Saudi Aramco’s price hike for June, foreshadowing and extension to OPEC’s output cut. BP, the other oil giant traded in London, divulged a profit miss for the first quarter but its shares maintained close to the flatline amid the continuance of its share buyback plan.