After the 3-day pullback European stocks are growing today together with American indices futures. Greek Athex edged 3%. Alexis Tsipras assured European creditors, that his coalition would soon present a full pack of anti-default measures. European shares are also underpinned by estimated merger deals within construction and bank segments. Holcim and Lafarge gained 1.3% and 3.5% as TSB and Banco Sabadell added 2% and 1.5% respectively.Nikkei has recorded today its 15-year high. The index has been rising for 6 straight weeks. Nintendo shares have jumped 35% in 2 days after the company reported it was going to expand to mobile games market. To be noted, Bank of Japan kept its monetary stimulus program unchanged this week. Bank head Haruhiko Kuroda stated that it was necessary to reach target 2% inflation rate this financial year even by means of raising emission. We believe that due to this announcement the yen ceased its surge. Forthcoming economic data from japan are anticipated on Tuesday.
Oil prices have been falling 2 consequent days after Kuwait declared that OPEC should keep the current oil output til the next meeting in June. The prime minister said that he wouldn't be surprised if oil declined below $50 per barrel in several weeks. The export from Iranian South oil terminals has advanced in March to 2.66 mln barrels per day as compared to 2.29 in February. The reason is that good weather in the Persian Gulf allowed using a large number of tank ships. The country is going to raise export to 3 mln. Besides, due to oil workers strike, US crude reserves have reached their 80-year high. Angola forecast surge in oil production to 1.84 bln barrels which is 10% above the previous year supply. Selling carbohydrates makes up about 50% of GDP and accounts for 80% of taxes and 90% of exports in the country.
Copper quotes expanded due to strike at an Indonesian mine owned by Freeport-McMoRan company.
Gold has marked the maximum weekly gain since January because of Fed statement. SPDR Gold Trust has reported growing reserves for the first time. Shanghai Gold Exchange premium has reached $6-7 in relation to London. To be noted the delta between gold and platinum ounce prices rose to its 2-year high ($55). That may indicate that platinum is undervalued and be used for creating a PCI.