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EU equities are backed by soaring crude
On Tuesday, European equities were underpinned in morning trade by profits among crude stocks. Meanwhile, UK clothing retailer managed to ascend having increased its revenue guidance.
The European STOXX 600 index jumped by 0.2%, offsetting part of the losses faced in the previous trading marathon when fears over an everlasting US-China trade conflict provoked profit-taking.
Upbeat mood over the Italian budget backed market sentiment too.
Crude majors Shell and BP added 1% after Brent reached a fresh four-year maximum in the face of strengthening American sanctions against Iran as well as an apparent reluctance by Russia and OPEC to lift output.
The gas and crude index SXEP turned out to be the sectorial top performer, adding 1% and thus demonstrating the highest value since mid-July.
Besides this, commodities trader and miner Glencore inched up by 2.2% having launched a $1 billion share buyback.
Besides this, heavyweight drugmaker Novartis jumped by 1.2% having told it would reduce nearly 2,200 jobs in Switzerland within the next four years with the aim of boosting profitability.
The top performer on the STOXX was represented by Next – it managed to ascend by 8.3%.
The clothing retailer reported a 0.5% soar in first-half revenue and lifted its full-year guidance after better-than-anticipated trading in August as well as early September.
Indications that Italy's coalition was about to come to a compromise over the 2019 budget raised Italian bonds and equities with the country's top FTSE MIB equity index adding 1%, thus outperforming the broader market.
In addition to this, state-controlled Italian defense contractor Leonardo jumped more than 3% due to the fact it managed to grasp a helicopter order from the American Air Force.
Italian financial institutions that are sensitive to political risk because of their huge sovereign bond holdings, tacked on by 1.5%.
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Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.