Oil Keeps Falling and German Stocks Absorb DB Shock

Oil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping.

West Texas Intermediate graph

Europe’s main share indexes in London, Frankfurt and Paris all sank [.EU], and Wall Street futures were pointing down too after the latest batch of disappointing Chinese data had made for another twitchy Asian session.

Frankfurt’s export-heavy DAX and Britain’s domestic-focused FTSE 250 were both staring at their fourth consecutive month of falls.

For the DAX it is the worst run since the back end of 2008 and was made worse again as Deutsche Bank shares fell to an all-time low as police searched its headquarters for a second day in a money laundering scandal linked to the Panama Papers.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza