Wed, July 24, 2024

Stock market news on November 7  

Stock markets on November 7

Stock markets reacted to the news that the U.S. and China made an agreement to dismantle the tariffs.

On November 7, the Chinese Commerce Ministry’s spokesperson stated that China and U.S. agreed to cancel the tariffs. However, the ministry didn’t specify the exact timetable. The good news is that the U.S. and China are ready to cancel the tariffs in phases.

A U.S. official who was speaking on condition of anonymity confirmed this information. The purpose of this agreement is to remove the obstacles before signing the “phase one” deal.

The trade war created numerous problems for the stocks.

 On Thursday, European stocks increased for a firth session in a row. The positive news regarding the U.S.-China trade helped to boost European stocks.

The Stoxx Europe 600 gained 0.38% to 406.59. The German DAX index rose by 0.78% and reached 13282.39. The French CAC 40 index increased by 0.36% to 7423.35.

Stocks and Saudi Aramco

Saudi Aramco and stock markets

Another news connected to the stock markets comes from Saudi Arabia and its plan to find investors for an upcoming IPO. It is important to mention that Saudi Aramco, which is the state-owned company plans to go public.

On the one hand, Saudi Aramco is the most profitable company around the world. Some people will think that it will be easy to find investors.

On the other hand, low oil prices coupled with regional tensions may affect Saudi Aramco. It is no secret that regional tensions and especially the recent incidents connected with drone attacks on Saudi Arabia’s oil facilities exposed to security risks.

Investors, as well as analysts, are trying to determine the price of Saudi Aramco.  Palissy Advisors estimated that Aramco’s value is just $1 trillion.

Saudi Aramco and Saudi officials will have to convince investors that despite the low oil prices, they should invest in the shares of this company.

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