AGL 8.30 Decreased By ▼ -0.03 (-0.36%)
ANL 10.95 Increased By ▲ 0.25 (2.34%)
AVN 79.70 Increased By ▲ 1.51 (1.93%)
BOP 5.75 Increased By ▲ 0.18 (3.23%)
CNERGY 5.64 Increased By ▲ 0.26 (4.83%)
EFERT 79.36 Increased By ▲ 0.71 (0.9%)
EPCL 67.48 Decreased By ▼ -0.31 (-0.46%)
FCCL 14.89 Increased By ▲ 0.39 (2.69%)
FFL 6.70 Increased By ▲ 0.10 (1.52%)
FLYNG 7.16 Increased By ▲ 0.13 (1.85%)
GGGL 11.60 Increased By ▲ 0.26 (2.29%)
GGL 17.51 Increased By ▲ 0.27 (1.57%)
GTECH 8.35 Increased By ▲ 0.05 (0.6%)
HUMNL 7.17 Increased By ▲ 0.11 (1.56%)
KEL 3.14 Increased By ▲ 0.06 (1.95%)
LOTCHEM 35.20 Increased By ▲ 2.33 (7.09%)
MLCF 28.35 Increased By ▲ 0.05 (0.18%)
OGDC 87.70 Increased By ▲ 3.15 (3.73%)
PAEL 16.63 Increased By ▲ 0.18 (1.09%)
PIBTL 6.05 Increased By ▲ 0.20 (3.42%)
PRL 19.46 Increased By ▲ 1.34 (7.4%)
SILK 1.14 No Change ▼ 0.00 (0%)
TELE 11.41 Increased By ▲ 0.31 (2.79%)
TPL 9.20 Increased By ▲ 0.20 (2.22%)
TPLP 20.25 Increased By ▲ 0.37 (1.86%)
TREET 27.10 Increased By ▲ 0.48 (1.8%)
TRG 96.20 Increased By ▲ 1.70 (1.8%)
UNITY 20.85 Increased By ▲ 0.48 (2.36%)
WAVES 13.90 Increased By ▲ 0.27 (1.98%)
WTL 1.34 Increased By ▲ 0.03 (2.29%)
BR100 4,275 Increased By 67 (1.59%)
BR30 15,794 Increased By 348.3 (2.26%)
KSE100 42,872 Increased By 628.4 (1.49%)
KSE30 16,219 Increased By 247.6 (1.55%)

LONDON: Stocks and oil rebounded Monday on bargain-buying from last week's blow-out, with traders riding a wave of optimism following pre-weekend Wall Street gains.

"Markets enter the new week with some renewed optimism, having ended the previous week's tumultuous ride in positive fashion," noted Interactive Investor analyst Richard Hunter.

"Although volatility is likely to persist given lighter summer volumes, the weakness which the markets endured for the majority of the previous trading sessions tempted some investors to buy on the dips."

The positive start was mirrored in oil markets, with both main contracts enjoying big gains, having suffered heavy losses recently owing to concerns that the Delta spread variant would impact demand as countries restrict people's movements.

Fears about the Covid mutation have rattled world markets as it forces some governments to reimpose containment measures, while sentiment was jolted further last week by minutes from the Fed's July meeting indicating it could start withdrawing its vast financial support by year's end.

The colossal bond-buying programme and record-low interest rates have been a key pillar of the global recovery for more than a year, and the prospect of the cash being withdrawn has stalled that advance.

European stock markets advance at open

However, Dallas Federal Reserve boss Bob Kaplan, who is considered a policy hawk, suggested he could rethink his view to taper soon in light of the Delta variant's global march, which is showing signs of hobbling economic growth.

Focus is now on Fed chief Jerome Powell's speech to the Jackson Hole annual conference of central bankers and finance chiefs, with hopes for a clue about a taper timetable.

Bitcoin topped $50,000 on Monday for the first time in three months after supportive news from payments giant PayPal and cryptocurrency platform Coinbase.

The world's most popular virtual unit jumped to $50,440 during Asian trade, before easing to $50,350 in early morning London deals.

"Bitcoin continues its recent recovery ... as PayPal announces plans to launch its cryptocurrency trading platform in the UK," said AJ Bell analyst Danni Hewson.

PayPal will this week begin to allow users in Britain to buy, hold and sell cryptocurrency through the online payment platform for the first time.

Key figures around 1100 GMT

London - FTSE 100: UP 0.5 percent at 7,121.93 points

Frankfurt - DAX 30: UP 0.3 percent at 15,850.73

Paris - CAC 40: UP 0.9 percent at 6,685.27

EURO STOXX 50: UP 0.6 percent at 4,173.53

Tokyo - Nikkei 225: UP 1.8 percent at 27,494.24 (close)

Hong Kong - Hang Seng Index: UP 1.1 percent at 25,109.59 (close)

Shanghai - Composite: UP 1.5 percent at 3,477.13 (close)

New York - Dow: UP 0.7 percent at 35,120.08 (close)

Euro/dollar: UP at $1.1724 from $1.1698

Pound/dollar: UP at $1.3669 from $1.3623

Euro/pound: DOWN at 85.78 pence from 85.87 pence

Dollar/yen: UP at 110.05 yen from 109.78 yen

West Texas Intermediate: UP 3.4 percent at $64.25 per barrel

Brent North Sea crude: UP 3.4 percent at $67.42 per barrel

Comments

Comments are closed.