Evening update - U.S. Stocks Rise on Vaccine Results, Easing Political Risk… Brent Crude spikes …Gold slips
· The Dow Jones flirted with record territory Wednesday as bullish sentiment inspired by vaccine developments and easing political risk pushed U.S. stocks higher. The rollout of a Covid-19 vaccine is likely to power the global economic recovery and lift stocks across sectors, giving momentum to a new leg of the market's rally. S&P 500 gained over half percent and Nasdaq Composite advance 1.5%
· Defensive shares including health-care stocks advanced in Europe alongside U.S. market, helping prolong a global rally in equities. Equity gauges rose across much of Asia
despite the tech selloff in China that deepened after Beijing’s crackdown on Internet and fintech firms. FTSE, CAC and DAX Index gained half percent each.
· Oil rose above $45 a barrel in London for the first time in 10 weeks as financial markets continued to advance on a vaccine breakthrough and U.S. crude stockpiles appeared to retreat.
· Gold declined, wiping out Tuesday’s gains, as the dollar strengthened and defensive shares pushed up equities in Europe. Gold slipped 1% to $1859/ounce.
· FIIs net buyers Rs6207cr while DIIs net sellers Rs3464cr