The commodity rally, as some say, is the start of a superbike, continued Monday and encouraged resource stocks.
The West Texas Interim Contract
the leading benchmark for oil in the United States topped $ 60 per barrel. barrel for the first time since January 2020. Other raw materials including platinum
“The robust recovery in oil prices and industrial metals over the last few months is driving the idea of a new commodity supercycle, where prices will remain above trend for many years to come,” said Hussein Sayed, chief marketing strategist at FXTM.
Up 12 of the last 15 weeks, Stoxx Europe 600
increased 0.9% in morning trading with winners including miners Rio Tinto
and BHP Group,
and oil producer Total
rose 1.9% in Tokyo to a new 30-year high and Kospi Composite
which trades electronically, advanced.
The rollout of vaccines and progress with the Biden administration’s proposed $ 1.9 trillion stimulus are helping to stimulate movement in global asset markets this year, the so-called reflection trade. Last week was the return on the 10-year treasury
topped 1.20% for the first time in a year.
shares traded 18% higher in Paris after saying they would distribute 60% of the subsidiary Universal Music Group’s share capital to shareholders and list the music brand in Amsterdam before the end of the year. Investment Group Bollore
which owns more than a quarter of Vivendi, got 13%.
rose as much as 6% after agreeing to buy US specialty chemical company Emerald Kalama Chemical for $ 1.04 billion. from the private equity firm American Securities.
Other notable moves on Monday included the US dollar falling back below 7 Turkish lira
for the first time since August. Turkey’s central bank more than doubled interest rates to 17% from 8.25% since September.