Equity markets staged an impressive turnaround today, after finishing sharply lower in Asia based on – you guessed it – lower oil prices. China’s Shanghai Index lost 6.4%, with other key Asian exchanges down also, but less dramatically. But by the time European markets closed, oil had rallied on hopes of concerted efforts to limit supply, and so of course stocks did the same. The Stoxx 600 was up nearly 1%, as were most other major European indices.
Higher oil prices (up 3%) reinvigorated both stock and precious metals investors in the US, with both markets posting good gains on the day. Gold was up about $12, with silver, platinum and the mining shares all right there in the strongly plus column. The mining shares have rebounded to the point of their recent sell signal (discussed in today’s column), and their next move from here will be crucial.
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