Sharp rise for the Japanese stock exchange and oil maintains its gains

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Sharp rise for the Japanese stock exchange and oil maintains its gains

Sharp rise for the Japanese stock exchange: Today, market participants are especially waiting for various indicators of the European economy,
especially since the revised figures for GDP growth in the Eurozone are due in the fourth quarter.

The ZEW Economic Research Institute also provides information on German and European economic prospects.

It is possible that the lockdowns and the new Corona strains have spoiled the mood of investors recently.

However, the recent cold wave in the US has increased the demand for and supported oil, and gold also appears to be stabilizing.

Evest monitors daily developments in global markets.

Oil rising slightly

Oil prices continued to rise Tuesday; however, oil prices were not able to increase as strongly as they did in the previous two trading days.

The price of a barrel of North Sea Brent was $ 63.50, which was 20 cents more than on Monday,
and the price of a barrel of US West Texas Intermediate rose 72 cents to $ 60.19.

At the beginning of the week, the price of US oil and Brent crude reached their highest level since early 2020.

Among other things, oil prices were supported by the weakening of the US dollar,
which made oil trading in dollars cheaper in regions outside the dollar zone and increased demand for oil.

Additionally, frosty weather in parts of the USA caused production failures and problems in transporting and processing crude oil.

Experts estimate the current production deficit in the United States of more than 1 million barrels per day.

The halting of production due to cold weather in wells and refineries in Texas,
one of the largest American states producing crude oil in the world was effective in raising prices.


In Texas, home to a total of 31 refineries, which produce about 4.6 million barrels per day,
several oil companies including ExxonMobil, Total, Valero, and Shell have temporarily halted operations due to “unprecedented cold weather”.


In Yemen, the Houthis announced that they had targeted two airports in Saudi Arabia with unmanned aerial vehicles (UAVs),
raising concerns about supplies in the world’s largest oil exporter, leading to an acceleration in oil prices.

The Houthi military spokesman, Yahya Al-Sirri, claimed in a written statement yesterday that their air forces attacked
the Saudi airports of Jeddah and Abha with drones this morning, hitting the targets completely.

For his part, Colonel Turki Al-Maliki, a spokesman for the Saudi-led coalition, who supports the Yemeni government,
announced yesterday morning that the coalition forces destroyed the bombed drone sent by the Houthis to Saudi territory.

A new type of Coronavirus

On the other hand, developments in vaccine studies developed against the new type of Coronavirus,
Covid-19 has boosted hopes of recovery in the global economy, as well as support higher prices.

Yesterday, the World Health Organization gave an emergency use of the Covid-19 vaccine developed in cooperation
with the pharmaceutical company AstraZeneca at the University of Oxford.

Gold is stable, but volume is declining

The price of gold stabilized on Tuesday morning, as gold futures for April delivery rose $ 0.10, to $ 1823.30 an ounce.

Meanwhile, trading volume on the commodity exchange declined to just 89,700 contracts on Monday,
compared to 169700 futures last Friday.

Significantly higher US yields dampened interest in gold.

The upcoming minutes of the latest Fed meeting should attract increased interest in the financial markets.

This is scheduled to be announced on Wednesday evening.

Nikkei index rose sharply amid of Chinese stock exchanges off

The Tokyo Stock Exchange closed again sharply higher on Tuesday,
as preparations in Japan to start vaccination operations boosted investor sentiment, indicating a slow return to the economy.

Investors in Asian stock markets remain optimistic,
as they continue to count on the ongoing economic recovery and hope for sustainable successes for the Corona vaccination campaigns.

The leading Nikkei index, which returned above 30,000 points for the first time in more than 30 years on Monday,
rose 1.28% to 30,467.75 points. The expanded Topix index rose 0.57% to 1,965.08 points.

The Japanese minister responsible for overseeing the deployment of vaccines
is scheduled to speak at a press conference in Tokyo late Tuesday afternoon.

In Hong Kong, Hang Seng is up 1.63%. Meanwhile,
Chinese stock exchanges were closed for the Lunar New Year holiday.

In Europe, the DAX is expected to start trading flat on Tuesday.

IG evaluated the leading German index about two hours before the start of trading, up a few points to 14,115 points.

A week ago, he had reached his highest level with 14169 points. Earlier,
the IG index had already approached 14,162 points before turning in the opposite direction.

The stock exchanges in the United States did not witness trading yesterday,
as they closed their doors to celebrate George Washington Day.

US stock markets were closed yesterday, as President’s Day, which originally marks George Washington’s birthday,
was celebrated and traditionally falls on the third Monday in February each year.

The yen continues its downward march against the dollar

The yen continued its decline against the dollar, which was valued at 105.52 yen compared to 105.38 yen a day.

The euro also rose against the Japanese currency, as the euro traded against 128.05 yen against 127.19 yen the previous day.

The euro traded against $ 1.2136, down from $ 1.2129 on Monday.