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Markets

Stocks and oil extend gains

LONDON: US stocks kept up their record run on Tuesday while oil prices extended their rally. Asian stocks also...
Published August 24, 2021

LONDON: US stocks kept up their record run on Tuesday while oil prices extended their rally.

Asian stocks also rebounded, and Europe ended mixed.

"Even as European markets struggle, US markets are still in buoyant mood, opening higher with the Nasdaq and S&P500 both setting new records, with travel stocks leading the gainers," said market analyst Michael Hewson at CMC Markets UK.

London and Frankfurt both ended the day modestly higher, with Frankfurt boosted by news of an upgrade to German economic growth.

Updated data showed the Germany economy grew 1.6 percent for the second quarter, or three months to June, thanks to strong consumer spending.

That was up 0.1 percentage points from the prior estimate.

Paris shed 0.3 percent as luxury stocks slid.

Asia received a strong boost from New York, where all three main indexes shot higher Monday and the Nasdaq hit a new record as traders cheered news that the Food and Drug Administration had fully approved the Pfizer-BioNTech shot, which is expected to help push up vaccinations.

Meanwhile, a call by China's central bank for more economic support and a move to keep borrowing costs down also provided some cheer to the region, while hopes that Beijing's clampdown on the private sector was adding to the buoyant sentiment.

Markets have enjoyed a strong start to the week, further helped by bargain-hunting following a recent sell-off caused by worries including the fast-spreading Delta variant and expectations the Fed will soon begin tapering financial support.

European stocks sag but Frankfurt boosted by growth upgrade

The positive news lifted global recovery hopes, which had taken a knock this month as some governments reimposed lockdowns or other containment measures.

Oil markets extended the previous day's surge of more than five percent, which had marked the best daily performance in nine months as recovery hopes lifted demand expectations.

The commodity had been suffering hefty losses in August on worries about Delta, but observers forecast prices will get back on track.

"Crude oil has continued to build on yesterday's strong gains, with Brent back above $70 a barrel," said Hewson.

Investors are now fixated on Powell's speech at a central bank conference this week in Jackson Hole, Wyoming, hoping for some guidance on monetary policy as speculation swirls that the Fed is planning to taper its bond-buying programme by year's end.

"Speculation has increased that the Fed may remain dovish at their end-of-the week key monetary policy symposium," said analysts at Charles Schwab brokerage.

Key figures around 1530 GMT

New York - Dow: UP 0.1 percent at 35,381.85 points

EURO STOXX 50: UP less than 0.1 percent at 4,178.56

London - FTSE 100: UP 0.2 percent at 7,125.78 (close)

Frankfurt - DAX 30: UP 0.3 percent at 15,905.85 (close)

Paris - CAC 40: DOWN 0.3 percent at 6,664.31 (close)

Tokyo - Nikkei 225: UP 0.9 percent at 27,732.10 (close)

Hong Kong - Hang Seng Index: UP 2.5 percent at 25,727.92 (close)

Shanghai - Composite: UP 1.1 percent at 3,514.47 (close)

Euro/dollar: UP at $1.1750 from $1.1745

Pound/dollar: UP at $1.3729 from $1.3719

Euro/pound: DOWN at 85.58 pence from 85.62 pence

Dollar/yen: DOWN at 109.68 yen from 109.70 yen

West Texas Intermediate: UP 2.6 percent at $67.37 per barrel

Brent North Sea crude: UP 3.0 percent at $70.81 per barrel

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