MARKETS-STOCKS/EUROPE Oil prices tumble as Iran, global powers reach nuclear deal

Record ID: 147063

  • Title: MARKETS-STOCKS/EUROPE Oil prices tumble as Iran, global powers reach nuclear deal
  • Date: 14th July 2015
  • Summary: FRANKFURT, GERMANY (JULY 14, 2015) (REUTERS) EXTERIOR FRANKFURT STOCK EXCHANGE EU FLAG TRADERS AT WORK DAX BOARD SHOWING EARLY TRADING DAX SIGN AT TRADING BOARD TRADER DAX GRAPH TRADING FLOOR TRADER LOOKING AT COMPUTER MONITOR MORE OF TRADERS DAX BOARD SHOWING BANK SHARES (SOUNDBITE) (German) CAPITAL MARKETS ANALYST AT BAADER BANK, ROBERT HALVER, SAYING: "After two days at
  • Embargoed: 29th July 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVA9AQ1GQFNU91ZSZHOI34B61XHY
  • Aspect Ratio: 16:9
  • Story Text: Oil prices dropped, pushing commodity-linked shares and currencies lower on Tuesday (July 14), after Iran and six world powers reached a historic nuclear deal expected to increase the supply of Iranian crude on world markets.
    European shares edged lower in early deals with Germany's DAX falling by 0,3 to 11.456 points in early trading.
    "After two days at a high the DAX is taking it easier today, looking at new events developing, but it is at least stable," said Robert Halver, capital markets analyst at Baader Bank.
    Halver added that the nuclear deal with Iran would have positive influence on the world's economy "because Iran should bring its oil reserves onto the world market in the future, which means the oil price is going to tumble even more. Therefore, we don't face the threat of inflation anymore, we have more spending power and the Federal Reserve Bank in the U.S. maybe has no reason to increase the interest rates this year. This means a liquidity high, cheap resources, global economic condition, everything speaks in favour of shares."
    Halver went on to comment on the latest Greek developments, calling the Greek bailout deal "a weak compromise".
    After marathon negotiations, Greece and eurozone creditors shook hands on a tentative agreement Monday (July 13) that would unlock about $95 billion in new aid to the debt-strapped nation in exchange for a spate of new tough concessions by the Athens government.
    The 85 billion euro deal, however, is not official until the Greek parliament passes the deal, the third-bailout Greece has received.
  • Copyright Holder: REUTERS
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