Thu, 05 Oct 2023

NEW YORK, New York - A collaborative deal between Saudi Arabia and Russia to reduce oil ouput saw oil prices shoot higher on Tuesday, pressuring stock markets around the world and sending the U.S. dollar soaring.

"If you have oil prices moving up that could be inflationary," Keith Lerner, co-chief investment officer at Truist Advisory Services told CNBC Tuesday.

"That just makes the Fed's job harder. There's already a fine line between the Fed landing the soft landing that people are hoping for" and an economic slowdown.

Dow Jones Industrial Average The Dow Jones Industrial Average concluded at 34,641.97, experiencing a decline of 195.74 points, or 0.56 percent.

NASDAQ Composite The NASDAQ Composite posted a more resilient performance, closing at 14,020.95, with a minimal dip of 10.86 points or 0.08 percent.

S&P 500 The Standard and Poor's 500 closed at 4,496.83, marking a decrease of 18.94 points, which translates to a 0.42 percent drop.

Global Foreign Exchange Markets See Major Demand for U.S. Dollar Tuesday

The world's foreign exchange markets experienced a day of major movements on Tuesday, with key currencies losing ground against the greenback on the back of the spike in oil prices. Here are the latest foreign exchange rates for Tuesday:

EUR/USD The Euro (EUR) to US Dollar (USD) exchange rate settled at 1.0719, marking a decrease of 0.69 percent, equivalent to a change of -0.0074.

USD/JPY The US Dollar (USD) to Japanese Yen (JPY) exchange rate buckled to 147.73, posting a gain of 0.86 percent, equivalent to a decline of -1.26.

USD/CAD The Canadian Dollar (CAD) exchange rate dropped to 1.3642, marking a decrease of 0.39 percent, equivalent to a change of -0.0052.

GBP/USD The British Pound dived to 1.2561 Tuesday, recording a decrease of 0.47 percent, equivalent to a change of -0.0059.

USD/CHF The Swiss Franc (CHF) exchange rate concluded at 0.8899, posting a deficit of 0.71 percent, equivalent to a declined of -0.0062.

AUD/USD The Australian Dollar (AUD) to US Dollar (USD) exchange rate fell sharply to0.63761, marking a fall of 1.30 percent, or -0.0084.

NZD/USD The New Zealand Dollar (NZD) to US Dollar (USD) exchange rate concluded at 0.5881, posting a decrease of 0.96 percent.

Global Stock Markets Experience Mixed Closures on Tuesday

In a day of mixed fortunes for global stock markets, investors remained cautious on Tuesday as they closely monitored the disruption in global oil markets. Here's a snapshot of the closing world stock market quotes for Tuesday:


S&P/TSX Composite index (Toronto, Canada) The S&P/TSX Composite index closed at 20,413.76, marking a decrease of 131.60 points or 0.64 percent.


FTSE 100 (London, UK) The FTSE 100 index closed at 7,437.93, recording a modest decline of 14.83 points or 0.20 percent.


ESTX 50 PR.EUR (Europe) The ESTX 50 PR.EUR closed at 4,269.16, experiencing a decrease of 10.71 points or 0.25 percent.

Euronext 100 Index (Europe) The Euronext 100 Index concluded at 1,350.68, marking a decline of 3.15 points or 0.23 percent.

DAX PERFORMANCE-INDEX (Frankfurt, Germany) The DAX PERFORMANCE-INDEX closed at 15,771.71 Tuesday, marking a decrease of 53.14 points or 0.34 percent.

CAC 40 (Paris, France) The CAC 40 concluded at 7,254.72, experiencing a decline of 24.79 points, equivalent to a 0.34 percent drop.

BEL 20 (Brussels, Belgium) The BEL 20 closed at 3,652.31, posting a decrease of 4.39 points or 0.12 percent.


MOEX Russia Index (Moscow, Russia) The MOEX Russia Index concluded at 2,222.51, marking a decrease of 4.14 points or 0.19 percent.


Nikkei 225 (Tokyo, Japan) The Nikkei 225 index exhibited resilience Tuesday, closing at 33,036.76, posting a gain of 97.58 points or 0.30 percent.

HANG SENG INDEX (Hong Kong, China) The HANG SENG INDEX closed at 18,456.91, recording a significant decrease of 387.25 points, translating to a 2.06 percent loss.

SSE Composite Index (Shanghai, China) The SSE Composite Index concluded at 3,154.37, experiencing a notable decline of 22.69 points or 0.71 percent.

Shenzhen Index (Shenzhen, China) The Shenzhen Index closed at 10,540.71, marking a decrease of 71.03 points or 0.67 percent.

STI Index (Singapore) The STI Index posted a decline of 12.14 points on Tuesday, closing at 3,226.83, which is a 0.37 percent drop.

S&P BSE SENSEX (Mumbai, India) The S&P BSE SENSEX exhibited strength, closing at 65,780.26, with a gain of 152.12 points or 0.23 percent.

NIFTY 50 (Mumbai, India) The NIFTY 50 closed at 19,574.90, posting a gain of 46.10 points or 0.24 percent.

IDX COMPOSITE (Jakarta, Indonesia) The IDX COMPOSITE concluded at 6,991.71, marking a decrease of 5.04 points or 0.07 percent.

FTSE Bursa Malaysia KLCI (Kuala Lumpur, Malaysia) The FTSE Bursa Malaysia KLCI closed at 1,454.83 Tuesday, posting a decrease of 7.89 points or 0.54 percent.

KOSPI Composite Index (Seoul, South Korea) The KOSPI Composite Index posted a minor drop, closing at 2,582.18 with a decrease of 2.37 points or 0.09 percent.

TSEC weighted index (Taipei, Taiwan) The TSEC weighted index concluded at 16,791.61, posting a minor gain of 1.92 points or 0.01 percent.


S&P/ASX 200 (Sydney, Australia) The S&P/ASX 200 concluded at 7,314.30, posting a modest drop of 4.50 points, equivalent to 0.06 percent.

ALL ORDINARIES (Australia) The ALL ORDINARIES index closed at 7,516.80 Tuesday, experiencing a modest decline of 8.90 points or 0.12 percent.

S&P/NZX 50 INDEX GROSS (Wellington, New Zealand) The S&P/NZX 50 INDEX GROSS closed at 11,437.25, experiencing a decline of 75.79 points or 0.66 percent.


Top 40 USD Net TRI Index (Johannesburg, South Africa) The Top 40 USD Net TRI Index posted a decline of 62.57 points, closing at 3,867.25, which is a 1.59 percent drop.


TA-125 (Tel Aviv, Israel) The TA-125 index exhibited strength Tuesday, closing at 1,865.71, with a gain of 11.97 points or 0.65 percent.

EGX 30 Price Return Index (Cairo, Egypt) The EGX 30 Price Return Index posted a significant gain of 133.40 points, closing at 19,044.40, which is a 0.71 percent increase.

The global markets displayed a diverse range of performances, with some indices posting gains while others saw declines. Investor sentiment remained influenced by economic data releases and geopolitical factors, including the sharp rise in oil prices, leading to cautious trading on Tuesday.

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