Gold prices rose near 8-year highs at $1.770/oz on Monday, on risk aversion sentiment as investors are getting nervous due to the surge in fresh virus infections around the world. The resurgence in coronavirus cases is raising concerns about the economic reopening and recovery after some countries and US states resumed partial lockdowns, capping the bullish sentiment and market rally seen in the last two months.
The Nasdaq Composite is due for a V-turn shaped recovery, bouncing about 45% off its March 23rd low. The heavy-tech index is sitting just below its record high, set at the end of February, before the pandemic selloff began. That rally has been led largely by mega-cap tech stocks such as Amazon, Netflix, Apple, Facebook, Google-parent's Alphabet and Microsoft.
Global financial markets continued their uptrend momentum by adding gains on hopes for global economic recovery as more countries reopen their social and economic activities. The US stock indices hit fresh monthly highs, erasing almost all the pandemic-related losses, despite the escalation in US-China tensions over Hong Kong’s status.
Global financial markets moved higher on Tuesday, extending their recent strong gains, supported from the optimism about the reopening of the global economy and a potential coronavirus vaccine. However, the market rally was capped after reports circulated that the US government is weighing sanctions on Chinese firms and officials over the situation in Hong Kong.
Global financial markets extend gains on improved risk sentiment after an American biotech company Novavax said that it started the first human study of its experimental virus vaccine. Furthermore, markets have been getting support from the re-start of the global economic activity and from the new stimulus plans from China, despite the tensions in Hong Kong.
Global financial markets and crude oil prices extended recent gains amid the optimism around a potential coronavirus vaccine, stimulus plans and re-opening of economies. The risk sentiment has improved, despite the rising tensions between US-China over Hong Kong’s legal status and the pandemic outbreak in Latin America.
Global financial markets fell on Friday morning as tensions in Hong Kong and between the US and China have escalated. The resumption of trade tensions between the world's two largest economies, has raised worries about the Phase 1 trade deal signed in January 2020. Both geopolitical events have interrupted the recent rally in global markets and crude oil prices amid higher optimism for economic recovery after pandemic.
Global financial markets and Crude oil prices gained more than 2% on Wednesday, extending their recent rally, on hopes for a faster economic recovery and a drop in US oil inventories. The S&P 500 index closed at its highest level since March 6, offsetting most of the pandemic-related losses.
Global financial markets fell 1% on Tuesday, giving back some of the massive gains from the previous session, as investors raised concerns about the trial results for a potential coronavirus vaccine from Moderna. Gold and Silver prices extended their recent uptrend momentum, while the US dollar continued its downtrend.
Global financial markets and Crude oil prices advance higher on Monday, as investors cheered news that an experimental coronavirus vaccine from the biotech company Moderna, showed promising early-stage results. The positive early test results boosted risk sentiment as investors bet on a faster-than-expected economic recovery which could improve the demand for energies.
Commodity assets have extended their recent gains supported from the first signs of gradual recovery of their demand after the pandemic. Crude oil prices gained more than 100% since the start of May and industrial metals followed higher, as more countries reopen their economies. Precious metals hit fresh highs on stronger safety demand and improved outlooks.
Crude oil prices surged 3% on Friday morning, extending the recovery rally from their historic lows in late April, on improved fundamentals in the energy market. Global stock markets have also moved higher this morning, as economies reopen after the pandemic, while governments around the world implement more stimulus plans.