Financial Market News 08.03.2021 Monday

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DAX in Germany traded 0.9% higher, the CAC 40 in France rose 0.7% and the U.K.'s FTSE index climbed 0.6%. The heavily-weighted oil majors helped push the overall markets higher, with BP (NYSE:BP), Royal Dutch Shell (LON:RDSa) and Total all posting stock gains of over 1%. U.S. crude futures traded 0.9% higher at $66.65 a barrel, just off its highest level since October 18, while the international benchmark Brent contract rose 0.9% to $69.97, earlier climbing above $70 a barrel for the first time since the pandemic began. Banking and insurance stocks were also supported by the ongoing rise in bond yields, even though the economic recovery appears likely to arrive later in continental Europe than in the U.S. and U.K. due to delays in rolling out vaccines against Covid-19. The Stoxx 600 Banks index rose 2.6%, with banks from the Netherlands and Sweden to Greece hitting their highest levels in over a year. Direct Line (LON:DLGD) stock rose 0.7% after the insurer declared both a final dividend and a share buyback even as its pretax profit fell in 2020. Pearson (LON:PSON) stock fell 3.1% after the company launched a review of its international publishing businesses as its adjusted profit and revenue fell in 2020. Also of interest was the announcement that food delivery firm Deliveroo plans a London listing in the first half of 2021, which is expected to value the company at more than $7 billion. Gold futures fell 0.4% to $1,692.50/oz.


GBP/USD resists dollar strength but not for too long. The Bank of England (BOE) Governor Andrew Bailey is scheduled to speak at a webinar hosted by the Resolution Foundation at 1000 GMT on Monday, with the speech titled ‘The economic outlook.” GBPUSD holding below 1.3820 today is a medium-term sell signal targeting1.3780/70 then 1.3715/05. Gains are likely to be limited in what could be a developing bear trend. Minor resistance at 1.3890/1.3900. Unlikely but a break higher meets strong resistance at1.3950/60. EUR/USD accelerates the downside to the 1.1870 region. Next on the downside comes in the key 200-day SMA. The Sentix Index improved to 1.9 in March. The dollar gained in early European trading Monday, trading around three-month highs, after the passage of the massive Covid-19 relief bill through the Senate added to a strong U.S. labour market report in fostering expectations of a strong recovery this year. The dollar index was up 0.2% at 92.168, near its three-month high of 92.201 set on Friday. USD/JPY was up 0.3% at 108.45, just off a nine-month high, while the risk-sensitive AUD/USD fell 0.1% to 0.7682.
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