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Market Wrap: Markets High On Hopium

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Fundamental analysis of Forex market

China is thinking of coperating with the US and Trump may abolish the trade tariffs, what else do you need?

Stocks

  • The S&P 500 Index jumped 0.5 percent on trade hopes as of 15:46 London time.
  • The Stoxx Europe 600 Index saw a massive rally and soared 1.5 percent.
  • The MSCI Emerging Market Index wasn’t going to stay back and gained 0.7 percent to the highest
  • in more than six weeks.

Currencies

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  •  The Dollar Spot Index moved higher by 0.1 percent to the highest in more than a week.
  •  The euro remain unchanged  at $1.1393.
  •  The Japanese yen fell out of luck and dropped  0.2 percent to 109.51 per dollar.
  •  The MSCI Emerging Markets Currency Index gained 0.1 percent.

Bonds

  • The yield on 10-year Treasuries started its recover and gained one basis point to 2.76 percent on its fifth straight advance.
  • Germany’s 10-year yield jumped one basis point to 0.26 percent.

Commodities

  • West Texas Intermediate crude reacted positively to trade talk and bounced 1.2 percent higher to $52.67 a barrel, the highest in five weeks.
  • LME copper also had a positive day with a gain  0.7 percent to $6,031.00 per metric ton.

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