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European shares rally as oil and copper recover.

News Date: 23/12/2015 09:37:36
Update Date: 23/12/2015 10:28:27
 

Oil prices recovered strongly, with Brent crude futures trading at $36.68 a barrel, up 57 cents, or 1.59%. U.S. West Texas Intermediary (WTI) crude futures traded at a premium to Brent for the first day since November 2014, at $36.72 a barrel, up 60 cents, or 1.61%. Copper trimmed its gains but was still up 0.35% for the day at $2.116 a pound.

 

European markets rallied, following gains by their Asian counterparts, and as mineral companies surge on the back of the copper recovery. The pan-European index FTSEurofirst jumped to a week-high at 1,433, up a handsome 2.31%. Britain's FTSE rose 2.17% to 6,215, buoyed by some of its commodity components, like Glencore which surged 6.13%, and BP, which rose close to 4.0%. Germany's DAX added 200 points, or 1.92% to 10,689. France's CAC advanced a hundred points, or 2.13% to 4,666.  

 

Britain's third quarter GDP growth was revised down to 0.4% q/q, from an earlier estimate of 0.5%. Sterling shrugged the data off however, keeping its head above the dollar by 0.47% to 1.4891, and more than wiping its yesterday losses. It jumped 0.91% against the euro to 0.7320. Sterling climbed 0.33% against the yen to 180.02.

 

Dollar eked out some gains, aside from its losses against sterling. Its index was up 0.25% to 98.47. It rose a solid 0.50% against the euro to 1.0902. It extended its losses against the yen however to 120.88, down 0.16% for the day.

 

Gold prices remained down for the day by $4.60, or 0.43% to $1,069 an ounce. Silver gave up seven cents, or 0.48% to $14.24 an ounce.

 

Wall Street opened higher in tandem with its European peers, with Dow Jones adding 130 points, or 0.77% to 17,551. NASDAQ jumped 28 points, or 0.57% to 5,029. S&P 500 rose 13 points, or 0.65% to 2,052.      

 

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