Global stocks rose slightly Wednesday as investor liquidity continued to enter under-appreciated “real economy” actions, but political uncertainty in Washington and record COVID-19 infection rates in the United States and Europe eroded appetite for threats.
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Technological stocks were criticized on Wall Street on Tuesday, and corporations such as Microsoft, Apple, Facebook and Amazon wasted about 2-3%. Videoconferencing company Zoom lost more than 9% because investors took credit for some of the household’s largest beneficiaries. -economics of work, following the announcement of the pharmaceutical company Pfizer of a successful control vaccine on Monday.
Negative reactions continued overnight, nearly 10% of The Asian generation’s mega-capitalizations, such as Alibaba, and 8% of Tencent. The actions of the European generation were among the worst performing on Wednesday.
The Stoxx 600 rose 0. 5% for the last time, due to profits in oil and gas stocks, retail and industry, which are highly exposed to the fitness of the global economy, while generation stocks acted as a drag on the global economy. Index.
Optimism about the immediate deployment of the Pfizer vaccine has overshadowed dramatic rates of infection and hospitalization. The United States reported a record 120,000 cases on Tuesday, while the total number of cases exceeded 10 million. Italy said Wednesday that it would impose more difficult blockades. in the most affected areas of the country, as infections continue to
Michael Hewson, chief strata at CMC Markets, said: “This week’s news of a vaccine, welcome does not replace the fact that France, Germany and the UNITED Kingdom are still in the midst of partial economic blockades, while infection rates in the United States However, for the time being, markets seem happy to forget it and are now focusing on the possible green pastures of a global post-pandemic matrix with an effective vaccine. “
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Politically, U. S. Secretary of State Mike Pompeo on Tuesday refused to acknowledge Joe Biden’s victory in last week’s election and told reporters they were expecting a “smooth transition” to a second. Trump’s term.
The dollar fell against emerging market currencies such as the Turkish lira, Russian ruble and Korean won, losing between 0. 3 and 0. 4%; however, it recorded modest gains against primary currencies, leaving the dollar index rising 0. 2% on the day.
The US bond markets have been closed for Veterans Day and the stock markets will continue as usual.
“We reiterate our cautious short-term outlook, as restrictions on mobility in Europe and increased Libyan oil production will lead to the market deficit in 4Q20,” said Giovanni Staunovo, UBS commodity analyst.
“However, we maintain our uptrend by 2021, aiming for Brent to succeed at $60 consistent with the barrel until the end of 2021. We continue to recommend investors with a maximum tolerance for threats to sell threats from Brent’s declining prices,” he said. Additional.
Brent futures were up 2. 3% on the day at $ 44. 64 a barrel, while WTI futures were up 2. 6% at $ 42. 42 a barrel.
With the dollar broadly solid against primary currencies, gold was traded almost unchanged in the day, with a fall of 0. 1% to $1. 87-5. 90 an ounce. Gold on Monday recorded its greatest loss in a day in more than seven years, losing 5% Pfizer disclosed the effects of its vaccine.
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