Oil at 1-year high on OPEC+ output cut Benchmark bond yields rising, curves steepening Volatility index falls to regular levels Stealth China policy tightening in focus
LONDON, Feb 4 (Reuters) - Stock markets fought for a fourth day of gains as a near one-year oil price high, a revitalised dollar and rising bond yields turned attention to inflation and normalising economies.
With an easing of the WallStreetBets/Reddit retail trading tumult, markets were back in their comfort zone of corporate earnings, economic data and central bank meetings.
Oil was approaching $60 a barrel on Thursday after OPEC and its allies extended production cuts. London, Frankfurt and Paris share indexes edged 0.1%-0.5% higher, helped by more German stimulus and as the dollar’s renewed swagger pushed the euro back under $1.20.
Oil at 1-year high on OPEC+ output cut Benchmark bond yields rising, curves steepening Volatility index falls to regular levels Stealth China policy tightening in focus
LONDON, Feb 4 (Reuters) - World stock markets were fighting for a fourth day of gains on Thursday as a near one-year high in oil prices, a revitalised dollar and rising bond yields refocused attention on inflation and normalising economies.
With the WallStreetBets/Reddit retail trading tumult having eased this week, markets were back in their comfort zone of corporate earnings, economic data and central bank meetings.
Oil was approaching $60 a barrel after OPEC and its allies extended production cuts. London, Frankfurt and Paris share indexes edged 0.1%-0.5% higher, helped by more German stimulus and as the dollar’s renewed swagger shoved the euro back under $1.20.
Glencore said on Thursday that its Colombian unit will commence the process of handing its mining contracts back to the Republic of Colombia, after a review found that its two mines were uneconomic to recommence operations.
Krisztina Than, Anita Komuves
(Adds Orban’s comments on economy, new loan)
BUDAPEST, Feb 4 (Reuters) - Hungary’s vaccination drive will accelerate and could potentially enable the country to ease coronavirus restrictions in April after Easter, Prime Minister Viktor Orban said on Thursday.
Nationalist Orban, who will face parliamentary elections in early 2022, is under pressure to reopen the economy.
Finance Minister Mihaly Varga said the economy was likely to shrink again in the first quarter but that the second quarter could be a turning point, forecasting gross domestic product would rebound by 13.8% from the same period last year when the country entered a severe lockdown as the pandemic hit.
3 Min Read
LONDON (Reuters) - Britain’s financial services industry should focus on winning business in the United States and Asia rather than the European Union in the aftermath of Brexit, Barclays CEO Jes Staley said.
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While still the only global financial centre to rival New York, the City of London has seen some business and job losses since Britain’s shock 2016 Brexit vote and has been largely cut off from the EU, its biggest single customer, by the divorce.
However, some see the distancing of London from Europe as an opportunity for it to carve out a more dynamic global role.