This translation has been automatically generated and has not been verified for accuracy.Stormy oil markets sent Brent prices crashing to their lowest since 1999 on Wednesday, though a stabilization of some petrocurrencies and a bounce in European stocks gave investors something buoyant to cling to.
“There is nowhere to put the oil so it shouldn’t come as any surprise to anyone that the front months are getting decimated,” he said, though he said it should be a temporary situation. The pan-European STOXX 600 index was up just over 1%, after tumbling more than 3% on Tuesday following the collapse in oil prices.
“Brent is stable this morning ... this is also reflected then in the government bond market, in that we see spreads are stabilizing and yields are slightly higher this morning.”The five-year U.S. Treasuries yield also rose to 0.33% after hitting a record low of 0.3010% on Tuesday. The 10-year notes yield stood at 0.561%, near the lowest since March 9, when panic buying drove it to a record low.While a Reuters tally shows there have been more than 2.
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