Stocks higher but Oil slumps again

📆 30/08/2024 20:16:00
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Realestatestocks,OPEC,Macroeconomics

The final trading day of August is seeing more gains for stocks, which have staged an impressive rebound from the disorderly rout four weeks ago, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Stocks finishing August on a high note “August is finishing in a very different form to how it began. While the Nikkei 225 is still down for the month by 1.2%, itself a significant achievement, the FTSE 100, Dax, Dow and others are all in positive territory for the month.

The summer squall of early August has been forgotten, and with US economic data still looking strong, and rate cuts on the way, investors remain confident about the near-term outlook.” Oil slumps as OPEC pledges to increase production “Another see-saw week for oil prices is ending with the commodity firmly on the back foot. Hopes of a sustained rebound on stronger demand seem to have been definitively dashed as OPEC pledges to boost production from October.

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