TOPICS DISCUSSED IN THIS MARKET BRIEFING:
- LEuropean stock exchangesboosted by good indicators
- Wall Street starts a powerful rebound
- Chart of the day –Ethereum : a range de consolidation
European stock markets boosted by good indicators
European stock exchanges were up sharply at the start of the session on Tuesday, the better-than-expected figures for Chinese imports and German industrial production confirming the rebound started the day before after statements deemed reassuring on the Omicron variant of the coronavirus.
On the macroeconomic side, the monthly Chinese foreign trade figures show a 31.7% jump, much more marked than expected, in imports in November while in Germany, industrial production shows an increase of 2.8% in October, more than three times the consensus.
While several countries, including Italy and France, announced on Monday new measures aimed at stemming the new wave of the COVID-19 epidemic, the most recent information on the Omicron variant tends to reassure investors about the risk further deterioration of the health situation.
Wall Street thus profited from the South African and American statements on the symptoms without apparent particular gravity caused by the variant.
Wall Street begins a powerful rebound
Wall Street ended higher on Monday, with sensitive sectors and travel-related stocks advancing, with investors encouraged by upbeat comments from the infectious disease specialist and main person responsible for monitoring the outbreak in the United States on the latest variant of the coronavirus.
While the Omicron variant has raised concern and many countries have imposed new restrictions, investors seemed reassured by the words of Dr Anthony Fauci, who said that this variant would not exhibit a high degree of severity. He said, however, that further studies were needed.
COVID-19 vaccine makers like Moderna and Pfizer ended down, with investors anticipating that development of vaccines specifically targeting Omicron could take months.
As a result, the Dow Jones gained 1.87% to 34,227.03 points. The Nasdaq advanced 0.93% and the S & P500 gained 1.17%.
Othersupdates on financial market news
The oil market continues the recovery started Monday after the price hike decided by Saudi Arabia, added to the information deemed reassuring on the Omicron variant and the difficulties encountered by discussions on Iranian nuclear power.
Today’s economic calendar:
Find the entire economic calendar to know all the economic events to comer.
CHART OF THE DAY – Ethereum: a consolidation range
Graphically, it is clear that Ethereum has withstood the purge on all cryptocurrencies this weekend. For several weeks, Ethereum has even outperformed the queen of cryptos, Bitcoin.
Granted, the market proceeded to excess bearish, but the large support level around $ 3,900 / 4,180 was preserved at the candle close, indicating a real signal of strength from buyers.
In the short term, ETH / USD consolidates in a range between $ 3,900 and $ 4,810. Thus, breaking one of the two bounds will kick off the next directional movement. For the moment, the momentum remains bullish and buyers are keeping control. Consequently, this stabilization phase should allow the market to pick up again on a stronger footing. The crossing of $ 4,810 will pave the way for an acceleration to $ 5,235 and then $ 6,000 in the medium term.
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