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The COVID-19 pandemic has seen global demand increase
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Copper rose after Goldman predicted a record high
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US yields have risen as investors await the Fed meeting
By Herbert Lash
NEW YORK, Dec 8 (Reuters) – Oil prices rose and oil prices recovered on Thursday on hopes that China’s easing of its anti-Covid measures would help to restore global supply and reduce prices.
China’s policy change, announced on Wednesday, will allow its economic growth to accelerate, state media CCTV quoted Premier Li Keqiang as saying.
Wall Street rose, raised by an announcement on US-listed shares of Chinese companies, while copper rose on the expectation of increased demand from China, its biggest customer. Goldman Sachs predicted that steel prices could reach a record high of $11,000 per ton per year.
“Knowing that China is going to come back online and produce products will help reduce inflation and that’s a good thing. If inflation can go down , the Fed can step aside and stop,” Tim Ghriskey, chief investment officer at Inverness Counsel said in New York.
Hong Kong’s Hang Seng rose more than 3% and the yuan traded near a 3-month high, although investors warned that any economic recovery could take some time. time arises and being satisfied with the skin can weaken the desire as the disease increases.
MSCI’s global index gained 0.63%, while on Wall Street, the Dow Jones Industrial Average rose 0.52%, the S&P 500 gained 0.69% and the Nasdaq Composite added 1.04%. .
Stocks weakened slightly on expectations that Canada-to-US pipeline service will resume after the leak and restore the bulk oil in the market during the global economic recession has reduced the demand for energy.
US crude recently rose 0.5% to $72.37 a barrel and Brent to $77.15, down 0.03% on the day.
The dollar fell against the euro as investors weighed the possibility that the Federal Reserve could trigger a recession. The euro rose 0.38% to $1.0545.
Treasury yields were higher as investors await next week’s reports on inflation and the Fed meeting. Global incomes, which tend to lag behind their value, have fallen in recent weeks due to expectations that slower growth or recession will slow inflation.
The US consumer price index on December 13 can be very important in setting long-term expectations for the monetary policy of the Fed.
The yield on the 10-year Treasury note rose 7.9 basis points to 3.487%, while the 10-year German yield rose to 1.835%.
(Reporting by Herbert Lash, additional reporting by Harry Robertson; Editing by Arun Koyyur, Angus MacSwan and Andrew Heavens)
