Global markets higher on positive vaccine news

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Thursday, 16th of July, 2020

US stock markets rose 1% on Wednesday, posting their fourth-straight daily gain, in response to the positive vaccine developments and robust earnings from the investment banking sector.

Asian markets fell 1% on Thursday morning on escalated US-China tensions, despite the higher than expected Chinese Gross Domestic Product for the second quarter of the year.

Crude oil climbed near 4-month highs on the bigger-than-expected drawdown in the US crude inventories, despite the decision of OPEC to roll back oil production cuts from August.

Gold prices edged higher today, holding above the key $1,800 level, as a surge in coronavirus cases, renewed U.S.-China tensions and the dollar weakness, supported safe-haven demand.

Looking at the forex market, we can see that the Euro trades near 4-months highs against the US dollar, ahead of the European Central Bank’s policy decision later today.

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