London equities grew on Friday trading, with mining stocks leading the rising trend along with the banks in the sector level, mainly benefiting from the stable copper price. The top five gainers were all mining firms while the biggest winner was Rio Tinto with a growth of 2.4%.
World major stocks and shares experienced rise, in some cases even beating expectations, as Australia's ASX/200 growth by 2% for fourth consecutive quarter. Tokyo's Nikkei recorded a 4.1% while China's main indices also rose more than 4 per cent. The Asian shares have ascended to a 7-weak peak, bounding for a third consecutive session of gains.
The World Bank has lowered its price forecast in its latest Commodity Markets Outlook report for 37 of 46 of the world's major commodities, including oil. The organization has warned that oversupply in the commodities will keep governing the markets in 2016 while oil prices are expected to decline by another 27% on annual average within the year.
A further fall in oil prices is expected since the international sanctions against Iran have been lifted. According to the International Energy Agency, an autonomous intergovernmental organization based in Paris, Iran's return shall cause an increase in the oil supply until at least the end of 2016, thus causing more reduction in the prices.
The I. M. F. has voted to admit the Chinese renminbi, also known as yuan, into its elite reserve currency basket, after announcing that it "met all existing criteria" to join the world's main currencies alongside the U.S. dollar, euro, British pound and Japanese yen.
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