Daily summary: Global equities mixed as oil rallies

18:21 11 October 2021
  • European equities lack direction
  • Increased volatility on Wall Street
  • Brent crude at over 3-year high, WTI highest since 2014

European indices finished today's session in mixed moods amid surging oil prices and rising inflation expectations. Europe’s mining sector jumped 3% to post its biggest daily gain in three months as iron ore and coal rose sharply on supply fears, while base metals prices jumped on concerns about rising cost of energy and raw materials. Also, markets brought forward ECB rate hike bets alongside those on other central banks like the Fed and the Bank of England in recent weeks, after ECB policymakers discussed last week the possibility of exiting pandemic-era monetary and fiscal support measures. London's FTSE 100 climbed 0.72%, while Germany's DAX 30 slipped  0.05%. France's CAC 40 was up 0.16%, Italy's FTSE MIB 30 was down 0.46%, while Spain's IBEX 35 fell 0.63%.

US indices are swinging between gains and losses as investors weighed surging oil prices, economic worries and major earnings results ahead. On Wednesday investors will be offered reports from the large US banks that will serve as a hint at a condition of the US economy. FOMC minutes due Wednesday will be in the spotlight for any clues on the Fed's tapering timeline. Meanwhile, Goldman reduced its economic growth forecast to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%, citing the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.

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When it comes to the commodity market, crude oil has once again taken the spotlight. The price of black gold again reached its highest levels this year, which should be associated with the growing demand for this commodity due to gas to oil switching and restrained supplies from major producers. In the evening Brent gains 1.5%, and WTI rose 1.7%. On the other hand, the volatility in the precious metals market was lower today. Gold and silver had been moving sideways, both metals currently are  trading 0.15% lower.

Cryptocurrencies are performing well on Monday. The main digital assets - Bitcoin and Ethereum, gain over 4%, thus we observe a continuation of the bull market. If current sentiment prevails, Bitcoin price may move towards all-time highs from April.

USDJPY pair continues its upward movement. After the resistance at the 111.50 zone was broken at the end of last week, the rally accelerated. We are currently observing a test of the resistance zone around 113.30-113.44, which coincides with the upper limit of the ascending channel and the external 161.8% Fibonacci retracement. On the other hand, if sellers manage to regain control, the zone at 112.10 should be treated as the nearest support.

USDJPY interval D1. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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