- European stocks gain for 2nd session
- Vaccine optimism lifts market sentiment
- Silver drops 8% as the Reddit rally fades away
European indices extended yesterday gains amid expectations of quicker vaccination rollout across Europe as more vaccine supplies are expected in the near future. Meanwhile GDP figures showed the Eurozone economy shrank less than expected at the end of 2020. Both Germany and Spain economies expanded and France shrank less than expected in reports last week; while Italy reported a contraction of 2% earlier in the day. DAX 30 rose 1.5%, CAC40 gained 1.86% and FTSE100 finished 0.8% higher
US indices rallied today and are trading near their all-time highs as concerns over volatile retail trading fade away. Optimism regarding the vaccines also affected the market sentiment. AstraZeneca showed good results with two doses of the vaccine, while Novavax and J&J indicate that their vaccines will soon be commercially available.US President Biden said he will continue to push for a larger stimulus package and will not slow down work on this urgent crisis response after the meeting with 10 Republican senators who counter-proposed a smaller package. On the earnings front, Exxon Mobil reported better than expected quarterly earnings while Pfizer's quarterly performance disappointed. Amazon, Alphabet and Amgen will report their quarterly figures after the closing bell
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Create account Try a demo Download mobile app Download mobile appUS crude futures are trading 2.28% higher around $54.76 per barrel, while Brent contract rose 2.0% above $ 57.50 per barrel. US Northeast has been hit by a powerful winter snowstorm, providing a massive boost to heating demand in the residential and commercial sectors. Traders now await weekly inventory reports by the API later in the day. Elsewhere, gold futures fell 1.3% to $ 1,835.00 / oz, while silver is trading 8.0% lower around $ 26.60 / oz as the Reddit boom and investor frenzy that spread from the tech sector into the silver market started to cool. Bitcoin broke above $35,000 level.
Oil prices (OIL.WTI) managed to break above the 200 SMA (red line) during today's session and reached 1-year high. Should upbeat moods prevail, another upward impulse towards resistance at $64.93 could be launched. Source: xStation5
