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Market News 【TOP1 Evening】Risky currencies rebound, European stocks open higher across the board, gold prices rebound

【TOP1 Evening】Risky currencies rebound, European stocks open higher across the board, gold prices rebound

The Australian dollar and other risky currencies rebounded, and the bond market returned to calm; European stocks rose more than 1% in the early stages, and Japanese stocks: closed more than 2% higher and hit a multi-month high; two major positives helped oil prices rise by more than 2%, pay attention to OPEC+ Meeting; the dollar weakened and gold prices rose 1%.

TOPONE Markets Analyst
2021-03-01
677

晚间新闻.jpg


Stock market: European stock markets rose more than 1% across the board in the early stages


 The latest British FTSE index reported 6,593 points, up 110 points, or 1.7%; the country’s DAX index, latest 13,972 points, up 186 points, or 1.37%; the French CAC index, latest reported 5790 points, up 87 points, an increase 1.53 percent.


 The Japanese stock market's Topix stock index .TOPX posted its biggest gain in seven months on Monday, and the decline in U.S. Treasuries was suspended, boosting the Nasdaq index, which focuses on technology stocks, and boosting the share prices of Japanese chip makers.


The Topix Stock Index jumped 2.04% to 1,894.94 points, the largest one-day gain since August 11; the Nikkei .N225 rose 2.41% to 29,663.50 points, the largest increase since December 29, 2020.


Gold: Gold price rose more than 1%


The weaker U.S. dollar caused gold prices to rebound after hitting a low of more than eight months in the last trading day.


Spot gold rose 1% to US$1,750.24 per ounce, after rising 1.1% earlier in the session. US gold futures rose 1.1% to $1,748.50.


Spot silver rose 0.8% to US$26.84 per ounce, palladium rose 1.2% to US$2,344.76, and platinum rose 2.6% to US$1,219.


The US House of Representatives passed the $1.9 trillion new crown rescue plan, and President Biden won the first legislative victory. Technically, the $1,700 mark is very important. If the price of gold wants to rise even higher, the range of $1,760-1,765 is a major obstacle.


"The reversal of yield gains and the weaker U.S. dollar allowed gold to rise slightly," said Stephen Innes, chief global market strategist at financial services company Axi. He believes that US stimulus measures have also further supported gold prices.


Forex: AUD/USD rebounds 


The Australian dollar and other risky currencies rebounded against the US dollar, which was triggered last week by fears that monetary policy would eventually tighten the global bond sell-off seems to have eased temporarily.


The US dollar index was little changed in the Asian market, and last Friday recorded its biggest gain since June.

The euro/dollar rose 0.2% to 1.20910 US dollars, and closed down 0.9% last week, the biggest drop since April.

USD/JPY hit a six-month high of 106.70 and then gave up gains.


The Australian dollar jumped 0.6% to 0.7754 during the Asian session on Monday, and fell 2.1% on Friday; the New Zealand dollar rose 0.6% to US$0.7270, and fell 1.9% on Friday; the British pound rose 0.4% to US$1.3972, investors bet Note that the rapid advancement of vaccination will help the British economy get rid of the epidemic.


Crude oil: oil prices rose more than 2%


U.S. WTI April crude oil futures rose 4.78% for the entire week, closing at $62.46/barrel. The highest reached $63.79/barrel that week and the lowest fell to $59.40/barrel. Brent May crude oil futures rose 4.06% for the entire week, closing at $64.37/barrel. The highest reached $66.78/barrel for the week and the lowest fell to $62.34/barrel.


Last weekend, the U.S. House of Representatives passed Biden’s $1.9 trillion rescue plan and Johnson & Johnson’s vaccine was approved for use in the U.S., which together provided momentum for rising oil prices. In addition, the G20 finance leaders pledged to maintain support measures. The U.S. personal income surged in January. Oil prices provide support; but China’s January manufacturing PMI data was worse than expected, and this week’s OPEC+ meeting is expected to increase crude oil production.


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