November 9th 2024, 5:09:02 pm
(about a few seconds ago)
Optimism on peace talks pushed markets higher
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✌ Optimism on peace talks pushed markets higher.✌
Stock markets across Europe and North America extended their rally on Tuesday as optimism built up in the talks between Russia and Ukraine. S&P 500 closed above the 46,000 level for the first time since Mid-January. All eleven industry groups had a broad-based rally except for energy stocks impacted by a retreat in oil prices. S&P 500 and Nasdaq added 1.23% and 1.84% respectively. Canada’s main benchmark, SP/TSX composite, added 0.50%, and European markets had the biggest gain, with Euro Stoxx 50 advancing 2.96%.
The yield on 10-year treasuries, as a crucial benchmark of the bond market, declined seven basis points to 2.39%. This level is still among the highest seen since the start of the pandemic market plunge in March 2020.
West Texas Intermediate (WTI) Oil prices dropped to 105.02 per barrel, but persistent prices above 100 per barrel could lead to already fragile global economies falling into economic recession.
On the currency front, the US dollar is still strong against a basket of other major currencies, especially the EURO. Still, the Canadian dollar has held ground against the USD at 1.25 CAD. If the talks between Russia and Ukraine lead to a peaceful result, the US dollar may give up part of the gain.
The Crypto market is also gaining momentum, with Bitcoin and Ethereum adding 12% and 14.2% in the past seven days.