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After the market rumors that France might lose its 3A rating, the three major rating companies quickly confirmed that they would maintain France's rating, and the French government strongly refuted it and swiftly took action to put out the fire, allowing France to temporarily get through the crisis. However, compared with other members of the A-rated club, the market seems most concerned about Italy's situation currently. Italy currently has about 1.8 trillion euros in debt, accounting for 120.3% of its GDP. Due to the market's continuous concern that Berlusconi may not be able to push through the deficit reduction plan, Italy's benchmark bonds have been at a 14-year high, forcing the European Central Bank to start purchasing Italian and Spanish government bonds from the beginning of this week. Compared to France's active response, the Italian government's response appears unhurried under relatively worse economic conditions, which some see as a lack of action. The prospects for Italy are more worrying. Meanwhile, buoyed by news that Germany and France will jointly address the European debt issue and favorable US employment data, the three major indices on the New York Stock Exchange rebounded sharply on the 11th, with the Dow Jones Index gaining over 400 points, and both the S&P 500 Index and the Nasdaq Index rising by more than 4.5%.
With investors buying low and the rebound in the U.S. stock market injecting some optimism into the market to a certain extent, along with good performance in employment-related data, this also provided support for the crude oil futures market. According to the data, the price of light sweet crude oil futures for September delivery on the New York Mercantile Exchange rose by $2.83, closing at $85.72 per barrel, an increase of 3.4%, touching a low during the session of $81.03 per barrel and a high of $84.45 per barrel. The price of Brent crude oil futures for September delivery on the London ICE Futures Europe Exchange rose by $1.34, closing at $108.02 per barrel. Calculated based on the closing price, the difference between the price of Brent crude oil futures and light sweet crude oil futures narrowed to $22.30 per barrel from a record high of $23.79 per barrel the previous day.
According to a report published today by the Energy Information Administration (EIA) under the U.S. Department of Energy, U.S. natural gas inventories increased by 2.5 billion cubic feet for the week. Additionally, according to a Platts survey, analysts expected an increase in U.S. natural gas inventories ranging from 2.8 billion to 3.4 billion cubic feet.
In summary, although the U.S. and European stock markets have rebounded somewhat due to positive U.S. employment data, as long as the debt crisis persists, the volatility in the stock market will not disappear. With the fluctuations in the market, crude oil prices have become difficult to predict, but judging by the crude oil trends over the past two days, there is still potential for further increases in crude oil prices over the next few days.
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