European Stocks Rebound And Bitcoin Stabilises
Stock markets rebounded Thursday with investors comforted by brighter economic news and easing coronavirus concerns, analysts said.
London stocks had gained 1.0 percent overall as trading ended for the day.
Frankfurt added 1.5 percent and Paris 1.3 percent following a mixed session in Asia, as dealers mulled reportedly upbeat remarks from the head of the European Central Bank.
US stocks advanced in midday trading as new filings for unemployment aid declined for the third straight week in the United States, according to official data that showed the closely watched metric hitting a new pandemic low.
Bitcoin stabilised around $42,000 after Wednesday’s wild gyrations that saw the world’s most popular cryptocurrency lose almost a third of its value in one day before recovering much of the losses.
ThinkMarkets analyst Fawad Razaqzada warned however that “it remains to be seen whether the recovery will hold”.
Oil fell further meanwhile, after US data showed a jump in stockpiles, indicating weaker demand in the world’s top crude consumer.
“The more upbeat tone in Europe comes as authorities across the region are easing pandemic restrictions due to a falling number of Covid cases and rising vaccine rates,” said OANDA analyst Sophie Griffiths.
“ECB Governor Christine Lagarde noted the improving Covid picture in Europe while insisting that monetary and fiscal support should not be withdrawn too soon.”
Thursday’s gains were nonetheless limited after minutes showed some US Federal Reserve officials contemplating a cut in vast monetary easing measures that have helped fuel months of stock market increases.
Central bank largesse and mind-boggling government spending measures have been joined by the successful rollout of coronavirus vaccines and easing of lockdown measures to keep the party going.
But investors are now increasingly concerned that a major bounceback expected in the world economy will fan inflation as the stimulus mixes with cashed-up consumers, who have been unable to spend, finally being let loose.
And with the US economy well on its way to recovery, minutes released Wednesday from the Fed’s April meeting indicated that some board members feel the time might soon come to at least begin discussing the bank’s position.
This article originally appeared on ibtimes.com, to read the full article, click here.
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