Today, the move was sharp. Domestic crude went from a loss of nearly 4 , to a slight gain. The reason for the turn, a smaller than expected build in crude inventories last week and Strong Demand for gasoline. And by the closing bell, the Dow Jones Industrial average gained 53 points to 16,484. It had been down more than 26 0 points. The nasdaq rose 39. The s p 500 added 8. As Brian Sullivan reports from the Energy Summit in houston, industry executives are navigating their way through what may be a new normal. Reporter if you want to understand the mood of the oil and gas business right now, investor charlie lakam sums it up this way. This is unquestionably, i think, one of the most, you know, devastating periods in the industry. This will be the First Time Since the mid 1980s where youve had 2 successive declines in most Commodity Prices as well as activity. That pretty much sums it up, as the mood in major oil and gas conference here in houston remains tough, the reality of lower for
Were going to bring you the asian market close. Top headlines from pages around the world. Whats happening now and what to expect. The bottom line, were here to get you up to speed and fast and boy do we have a set upto tell but today. Absolutely right. Lets get straight down to it starting with a major Global Market selloff this morning. Chinese stocks plunging dropping so much that trading was halted. The shanghai composite down nearly 7 as we look at things. Shenzhen composite down. Weak manufacturing data showing china contracted for a fifth straight month in december. The rest of asia showing lots of red numbers as well. The nikkei opening with its biggest one day slide in three months. Check also the dollar yuan. China is setting its currency weaker. Its at the weakest level for years. Thats a big uhoh for markets around the world. It reflects that chinas market is slowing. The weak manufacturing report that you told us about. Obviously we have seen that when china devalues its c
Lets get straight to the markets because we have had a lot of volatility. That is the understatement of the year. We have had a lot of volatility over the last 10 days. This is the picture as we speak. The euro stoxx 50 hundred gaining 1. 6 . Stocks advancing for a second day. Buoyed by demanded commodities. You can see crude Oil Yesterday below 30. And then we wonder whether that 30 market is a floor for now. A couple of movements we saw in the yuan and the rand. Currently at 16. 43. Lets get straight to the bloomberg first word. Nejra chinas trade surplus widened and exports recover last months. The worlds secondlargest economy trade plus trade surplus increased. That offered support for the weakening yuan. Has bounced back after tumbling below 30 a barrel for the first time in 12 years. The oversupply of crude means prices have not staved off the threat of further declines. Meanwhile, the bloomberg Commodity Index has tumbled to the lowest levels since at least 1991. Irans revolutio
Welcome. We are here in london. I am guy johnson and francine is not here. She will be back tomorrow. We start with the bloomberg exclusives. An infusion of fresh cash. The real deadline for greece is june 30 and it is up to greece if they want to stay in the bailout program. Hans nichols is in berlin. The finance minister does not appear to be in a mood for compromise. No. The only way you could see compromise here is if he says now is not the time to have talks on further debt restructuring and may it may be time after june 30. There are so many payments that have to come through and it all the pens on how you look at it. It is either reality or pessimism. You can almost hear the frustration and the words he chooses. The problem has been extended twice and runs through june. If greece wants the remaining funds, a solution must be found. The deadline is the 30th of june. That contradicts what he has been saying and he is hopeful for the deal at the end of the month to unlock some that