Spreadex Market Update

Oil prices lift FTSE as COVID fears sink the rest of Europe



The FTSE 100 is currently +0.24% despite rising COVID-19 cases continuing to weigh heavily on airline stocks, as IAG, and Rolls Royce both down over 2%.

Rising oil prices can also be to blame for these losses as Crude is now above $82 a barrel, even with Bidens attempt to push the price lower, through his plan to release 50 million barrels in reserve.

However, these rising prices have boosted oil giants within the FTSE 100 as BP (+2.00%) and Royal Dutch Shell (+1.45%) push higher.

The CAC (+0.06%) seems to be shrugging off restriction worries, whereas the DAX (-0.44%) has slightly recovered from a low of -1.23%.

In the US, all 3 major indices opened in the red, despite new weekly jobless claims falling much more than expected.

News of personal consumption expenditures rising by 5%, the fastest rate since 1991, has only added to sings of higher prices.

GDP annualised data was also slightly lower than expected at 2.1%, behind the predicted 2.2%.

Many investors will be looking towards the notes on a Fed committee meeting, released later this evening, which should outline their current views on monetary policy, and any potential risks they see.

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