Emerging Money Daily Audio Call – Wednesday, December 10 – On the call today we get into emerging market levels where we ticked lower another 1% today well through the October lows and we are dancing
Taking a look at Gazprom (OGZPY, quote) versus Petrobras (PBR, quote). If 5 years ago you asked most investors globally which companies had the best chance to become the world’s first company to hit a $1 trillion market cap, Gazprom and Petrobras would have been in the top 3 or 4 names being bandied about.
During the overnight Asian session crude oil began to lose its footing and accelerated its slide during the early morning U.S. session heading into the weekend. Crude oil continues to fall more than 2.75% as of this story despite better than expected Initial Jobless Claims report.
Canadian dollar today hit a seven month high against the U.S. dollar after the Canada’s government regulations paved the way for two domestic energy companies to be taken over my foreign interest.
As U.S. consumers applaud lower gasoline prices, our gain is someone else’s pain. As with any trade, there are two sides: stock markets that depend on the price of crude oil are feeling the pinch as prices move lower.
Broad risk aversion has being weighing on the commodity markets all week. Plenty of motives are contributing to the new tone, but it really boils down to oil, the euro and the Fed.