Monday May 29th

29-05-2017

Wall Street closed for Holliday, other markets are having a light trading day

European stocks were mildly lower on Monday following lackluster trade in Asian equities overnight and a decline in the oil price. The German DAX was up 0.05 percent, while the French CAC fell 0.12 percent. The FTSE 100 is closed on Monday due to a public holiday in the U.K. Markets in Asia trended flat on Monday after the latest ballistic missile test by North Korea and as major markets are closed for public holidays today. Markets in Asia largely shrugged off the news. Japan's benchmark Nikkei 225 index closed effectively flat, down 0.02 percent or 4.27 points at 19,682.57. South Korea's Kospi shed 0.1 percent or 2.33 points to close at 2,352.97 after six straight sessions of gains. Hong Kong's Hang Seng Index was higher by 0.16 percent at 2:45 p.m. HK/SIN. Markets in mainland China are closed for a public holiday today. Stateside, Wall Street will be closed for Memorial Day, after closing mixed last Friday following the release of the second reading of Q1 GDP numbers. Markets in the U.K. will also be closed for the spring bank holiday. Oil prices slipped on Monday as further increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply. Brent crude futures were trading down 19 cents at $51.96 per barrel at 0857 GMT. The contract ended the previous week down nearly 3 percent. U.S. West Texas Intermediate (WTI) crude futures were also down 19 cents at $49.61 per barrel. Gold held near its highest in a month on Monday in thin holiday trade, with a softer dollar and a retreat in stock markets helping the metal cling on to the previous session's gains. Gold hit its highest since May 1 on Friday at $1,269.50 an ounce, as nervousness over U.S. President Donald Trump's negotiations with other world leaders at the G7 summit prompted investors to buy bullion as an alternative to nominally higher-risk assets such as shares. Spot gold was up 0.1 percent at $1,267.74 an ounce at 1005 GMT, with U.S. gold futures for June delivery down 0.1 percent at $1,267.30.