Daily Market Review – January 3, 2017

Stocks and Indices

Asian markets climbed on Tuesday, with Hong Kong’s Hang Seng index up 0.71% and South Korea’s Kospi up 17.81 points, or 0.88%. In mainland China, the Shanghai composite climbed 32.64 points, or 1.05%, while the Shenzhen composite advanced 16.84 points, or 0.85%. Japanese and U.S. markets were closed for a public holiday.  

Commodities

Oil prices hit 18-month highs on Tuesday, as OPEC and other major producers began their production cuts. Brent crude gained more than 2%, climbing $1.55 to $58.37 per barrel. U.S. light crude was also at an 18-month high, up $1.52 at $55.24 per barrel.

Currencies

The U.S. dollar rose to a 2-week high in European trading on Tuesday. The greenback rose 0.4% against the yen, changing hands at 118 yen. Against the euro, the buck was up 0.2% at $1.0431.The dollar index was up 0.6% at 103.65.

Global News

In a radical experiment, Finland has started giving 2,000 of its citizens a guaranteed income of €560 per month. The money will be given to randomly-selected participants, regardless of wealth or employment status. The program will run for a minimum of two years, and the stipend will not be taxed. If the program is a success, all Finns may one day enjoy a universal basic income.

*Featured image courtesy of Grisha Bruev/Shutterstock.