A look at Monday morning’s market action
Global shares steadied after U.S. President Joe Biden’s decision yesterday to bow out of the election race injected a degree of optimism into the markets, while a surprise rate cut by China’s central bank failed to give Asian markets a lift.
Overseas, the pan-European STOXX 600 was up 0.91 per cent in morning trading. Britain’s FTSE 100 advanced 0.49 per cent, Germany’s DAX rose 1.09 per cent and France’s CAC 40 added 1.17 per cent.Commodities Brent crude futures gained 0.39 per cent to US$82.95 a barrel, and U.S. West Texas Intermediate crude futures increased 0.42 per cent to US$80.47.
In other commodities, gold prices drifted higher on Monday as the dollar eased, with investors turning to bullion as a hedge against an uncertain political and market outlook.
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