Monday September 5th

5-09-2016

Crude pares gains slightly after Saudi-Russia statement on oil cooperation

Major U.S. indexes closed higher on Friday, with the Dow Jones industrial average up 0.39 percent. The S&P 500 gained 0.42 percent and the Nasdaq ended up 0.43 percent. U.S. markets will be closed Monday for the Labor Day public holiday. Asian markets traded higher, with investors cheering a disappointing U.S. August employment report, which pared expectations the Federal Reserve would hike interest rates in September. Japan's Nikkei 225 closed up 0.66 percent, or 111.95 points, at 17,037.63, touching its highest level in three months. The Japanese yen remained at the 103 handle against the greenback, trading at 103.41 as of 3:29 p.m. HK/SIN time. Chinese mainland markets ended higher, with the Shanghai composite settled up 0.18 percent, or 5.436 points. at 3,072.788, while the Shenzhen composite closed up 0.438 percent, or 8.807 points at 2,018.102. In Hong Kong, the Hang Seng index was up 1.62 percent as of 3:32 p.m. local time, at levels not seen since August 2015. In South Korea, the Kospi closed 1.07 percent higher, or 21.77 points, at 2,060.08. Crude prices were higher Monday but pared gains shortly after a joint statement from Saudi Arabia and Russia that saw the two call for cooperation to support oil markets. London Brent crude for November delivery was over 3 percent higher at $48.55 per barrel, settling up $1.38 on Friday. Trading in U.S. crude is likely to be limited on Monday because of the U.S. Labor Day holiday. Gold rose on Monday as the dollar slipped on receding expectations of an imminent U.S. interest rate rise after below consensus jobs numbers from the United States last week. Spot gold was up 0.1 percent at $1,325.70 an ounce at 0913 GMT. The precious metal hit a one-week high above $1,341 on Friday after data showed U.S. employment growth slowed more than expected in August after two straight months of robust gains.