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The dollar fluctuated. 09:46
Image: Noriko Hayashi/Bloomberg
Stocks headed higher and commodities extended their advance ahead of US jobs data that are expected to cap a series of strong economic reports this week. The dollar fluctuated.
Copper soared to an all-time record on expectations that rebounding economies will spur a boom in global demand, and the Bloomberg Commodity Spot Index jumped to its highest level since 2011. The Stoxx 600 Index rose 0.3% as Adidas AG and Credit Agricole SA reported strong quarterly results, while US equity futures were little changed.
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Copper soared to a fresh all-time high as optimism about a global rebound from the pandemic boosts commodities markets. The metal an economic bellwether is front and center in a rally that’s driven raw materials from lumber to iron ore to multiyear highs or records. Stimulus measures and vaccine rollouts are fueling prospects for a resurgence in demand that’s set to strain supply, while copper’s crucial role in the green-energy transition is expected to underpin longer-term gains. At the same time, a lack of mine investment may leave the market short of the supply needed to meet demand. Big banks and others including trader Trafigura Group have rolled out a list of lofty price targets that suggest there’s more room to run, with the latter predicting copper will hit $15,000 a ton in the coming decade.
by Tyler Durden
Friday, May 07, 2021 - 07:59 AM
S&P futures rose overnight alongside European and Asian market in another quiet session, as commodities smashed higher ahead of a blockbuster jobs report (whispers of a 2MM+ print) which will cap a series of strong economic reports this week. Global stocks headed for their first weekly gain in three with MSCI s world index rising about 0.1% and on course for a 0.4% gain this week amid a surge in commodity prices. Copper joined iron ore and steel by hitting a new all-time record as expectations that rebounding economies will spur a boom in global demand, while the Bloomberg Commodity Spot Index jumped to its highest level since 2011.
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Pound was little changed ahead of the latest policy decision from the Bank of England.
By Andreea Papuc, Bloomberg
6 May 2021 10:06
Image: Bloomberg
European stocks rose alongside US equity futures on Thursday as investors monitored a slew of corporate earnings ahead of key employment data from the worldâs largest economy. The dollar slipped.
The Stoxx 600 Index opened higher as banks and automakers gained on strong earnings. Societe Generale SA jumped after turning in its best equities-trading performance since 2015. Volkswagen AG raised its earnings outlook following robust first-quarter earnings. The pound was little changed ahead of the latest policy decision from the Bank of England.