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Market Briefing
Thorbjoern Bak Jensen, A/S Global Risk Management Ltd.
03 Apr 2009 09:25 GMT





Thorbjoern Bak Jensen, Global Risk Management Today's Trends

Rotterdam (ARA) fuel oil - trading $8 higher
Singapore fuel oil - trading $20 higher
US Gulf - expected to open $5 higher

G20 agrees on massive stimuli
Oil increases on a historic day. The G20 summit ended with great support for the oil markets as a massive $1.1 trillion (1,100,000,000,000) deal was struck to support world growth. fiscal stimuli of that size and with the signalling effect of combined forces against the recession were very supportive for oil markets. Further, the outlook for some Eastern European countries looks brighter after the deal.

The ECB surprised by only cutting interest rates by 0.25% to 1.25%. The decision from ECB and the fiscal stimulus from G20 depressed the Dollar, which was also a driver for oil.

Worsening job numbers ahead?

Durable goods orders came out slightly better than expected. However, jobless claims from the US worsened again with initial claims at 669,000 and continuing claims at 5,728,000. Today the final job numbers will indicate how the state of the US job market is. Further, the service sector of Eurozone and US will indicate the health of the internal economies. For Europe the number came out slightly better than expected and the US will probably too.


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Company: A/S Global Risk Management Ltd.

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