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A suspected drone strike on two major Saudi oil plants halts oil production
Crude oil prices soared as much as 11% overnight following an unprecedented attack on the Saudi state-owned company Amarco – which produces about 10% of the world’s oil. The attack caused a halt in the production of nearly half of that amount. Amarco has about 35 days of oil to meet the supply according to its contracts. President Trump responded by authorizing the release of special petroleum reserves to “keep the market well supplied”, he tweeted.
59.59 0.83 (1.41%)
Today’s highlights: Crypto remains stable, Asia opens lower
US indices trade lower: Following the attack on Saudi oil plants, most of the world’s indices have opened in the week in the red – including all three major US indices. The NSDQ100 is down 1.2%, the DJ30 is down 0.46%, and the SPX500 is down 0.76%. Hopeful traders look to the Fed meeting on Wednesday for positive news – to possibly pave the ways for new record highs.
Asian markets take a blow: With the recent spike in oil prices, Chinese stocks are trading lower at the moment, causing the China50 to shed 0.77% and the HKG50 to drop 1.10%. The Chinese Yuan is also losing ground against the USD by as much as 0.20%.
Crypto remains stable: While the world deals with the attack on Saudia, the crypto market seems unaffected. All cryptocurrencies are showing slight to no volatility, with the only major movements so far have been registered by Ethereum (up 2.45%) and Zcash (up 5.6%).
Gold spikes as well: The precious metal had jumped just over 20$ overnight and settled back above the $1,500 mark. Future volatility might continue to push it back towards previously-set highs.
GM workers go on strike: On Monday morning, nearly 50,000 GM employees left their positions or joined the picket lines after the contract negotiated escalated into a full-blown strike. The result is 22 distribution warehouses and 33 manufacturing plants are currently shut down.
1505.51 3.51 (0.23%)
47.73 2.12 (4.65%)
GMGeneral Motors Co
38.76 -0.31 (-0.79%)
7.0627 0.0136 (0.19%)
Earnings season coming to an end: To follow upcoming earnings reports, go to eToro’s Earnings Reports Calendar. Please note that maximum leverage for CFD stocks will be limited to X5 one day ahead of earnings report releases. X10 leverage will be available again soon after the report is published.
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* Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
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