Market sentiment strengthened in the NY session in a quiet trading day, due to Apple’s announcement of a new dividend plan. Wall Street soared with the DJIA and the S&P 500 gaining +0.05% and +0.40% respectively. In the commodity sector, crude oil extended gains on Monday despite speculations that Saudi Arabia may increase output. The recent rise in oil prices has also triggered growth concerns with the IMF managing director Largarde warning that ‘the rising price of oil is a new threat that could derail the recovery’. The front-month contract for WTI crude oil climbed to a 2-week higher of 108.24 before settling at 108.29 while the equivalent Brent crude contract ended the day largely unchanged at 125.71. On the contrary, gold continued its consolidation below 1700. UBS downgraded its 1-month price forecast to 1550 from 1775.
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