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High records for DAX and Bitcoin… Oil and gold continue positive trading

High records for DAX and Bitcoin… Oil and gold continue positive trading

High records for DAX and Bitcoin… Oil and gold continue positive trading:

Yesterday was a historic day for many instruments traded in the stock exchange as the German DAX index managed to record its highest level.

For the first time, Bitcoin exceeded the $ 47 mark, thanks to Tesla’s announcements.

Every day, Evest is following up with you on market developments and the most important news of trading.

 

Oil is rising supported by reducing production and vaccines

Today, Oil prices continued to rise amid expectations of a return to a consumption pattern similar to that one before the epidemic.

 

Brent crude futures for April rose by $ 0.49 at a rate of 0.81%, to record $ 61.05 a barrel. On Monday,
Brent crude rose by $ 1.22 or 2.1% to reach $ 60.56 a barrel.

 

At the same time, the price of Brent crude oil surpassed $ 60 a barrel for the first time since January 24, 2020.

This was according to Dow Jones market data.

 

On the other hand, March West Texas Intermediate futures rose by $ 0.47 or 0.81% to record $ 58.44 a barrel.

During the previous session, the contract rose by 1.12 or 2%, to trade at 57.97 a barrel.

This is its highest level since January 21, 2020.

 

Analysts are pointing to signs of recovery in oil demand around the world, according to what S&P Global Patts wrote.

Last week, imports to China recorded their highest level during 6 months.

In India, demand for oil is returning to pre-pandemic levels thanks to increasing vehicle mobility.

Meanwhile, United States became the largest buyer of oil in January.

 

According to Reuters, Edward Moyai, chief market analyst at OANDA said:
“There is great optimism that vaccines will play a major role in returning the global economy to be normal”.

 

In addition, the market supports growing hopes for a new package of measures to support the United States economy.

Reduced supplies from both OPEC+ and United States oil producers also contributed to a rise in the oil market.

 

Currently, there is no risk from the supply-side as Saudi Arabia has eliminated it,
while oil shale production in the USA is about 20% less than last year as well.

 

This also indicates that a number of drilling rigs in the United States remain 60% below the level observed before the outbreak of Coronavirus “Covid-19”.

This indicates the reluctance of companies to increase drilling.

 

However, some experts are concerned about the situation in the oil market.

They are warning that improvement in fundamentals may be exaggerated.

The rise in oil prices might come as a surprise, especially given the fact that in many counties we still have economic shutdowns.

This means that oil demand is also lower.

 

However, demand is only considered one side of currency, but the issue of oil supply is also important.

 

Crude oil sentiment has changed for the better. This mainly due to one event:
Saudi Arabia’s decision to voluntarily reduce oil production by an additional million barrels a day, besides what is committed to in the oil deal.

 

It was an unprecedented and totally unexpected decision.

It seems that Saudi Arabia is the only one that can handle it.

Saudi declines are expected to continue throughout February and March.

This may contribute to creating a temporary deficit at least in the global crude oil market.

 

Gold is rising too

Today, the spot price of gold rose by 0.37% to record $ 1,837 an ounce,
as expectations of a major stimulus package in the United States strengthened metal’s appeal as a hedge against inflation.

 

These expectations affected the dollar which retreated today,
as the dollar index which measures the performance of the green currency against a basket of major currencies,
declined from 0.091% to record 90.868 points.

 

The collective rise in Asian and American stock exchanges

Today, Asian stocks rose after Wall Street’s rallies yesterday.

MSCI Asia Pacific Index rose by 0.32% to record 721.53 points, after rising to 730.16 at the end of last month.

South Korea’s Kospi rose at a rate of 0.92%, while China’s CSI 300 blue-chip index rose by 0.49%. In Hong Kong, Hang Seng rose to reach 0.24%.

 

Japanese Nikkei index rose by 0.36%, while US futures on S&P 500 rose by 0.5%.

 

Today, rising comes after yesterday which was the day of so-called deflationary deals,
like stocks, oil and gold were brought from global markets while US government bonds traded at their highest levels in nearly 11 months.

 

Inflation is expected to rise as governments and central banks are continuing in huge spending
and in addition to a decrease in interest rates until economies recover from the Corona Virus pandemic.

Yesterday, Wall Street indices hit new records after Nasdaq Composite Index rose by 1%, while both S&P 500 and Dow Jones rose by 0.7%.

 

In Europe, after the high record of the DAX index at the beginning of the week, it is unlikely to move on Tuesday.

DAX index was evaluated 2 hours before the start of trading at a rate of 14069 points,
which are considered few points for the previous day’s closing price.

On Monday, the DAX index had hit the highest historical level of 14.170 points but it gave up almost all of its gains during the last trad

 

Thanks to Tesla, Bitcoin surpasses $ 47,000 for the first time

In more volatile cryptocurrency markets, Bitcoin price briefly crossed the $ 47,000 mark to record an increase of 20% higher before curbing its rally.

The most popular cryptocurrency was last traded at a rate of $ 45,669.

 

Yesterday, Tesla announced that it has been invested about $ 1.5 billion in bitcoins and expects to adopt the digital currency against its cars in the future.

Since the start of the year, the value of the cryptocurrency has increased by nearly 50%.

Tesla report to US Securities and Exchange Commission (Sec) demonstrates the company’s confidence in cryptocurrency
although regulators around the world are concerned about the potential for digital currencies to be used in illegal transactions.

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