Global stocks rebound as Omicron concerns recede - 7.12.2021

The Dollar strengthening has halted currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.1% on Monday.

EUR/USD reversed its advancing Monday while GBP/USD reversed its retreating as federal statistics office Destatis reported German factory orders plunged 6.9% over month in October on weak foreign demand. Both euro and Pound are higher against the Dollar currently. Both USD/JPY and AUD/USD reversed their sliding yesterday with yen lower against the Greenback currently and the Australian dollar higher.

Futures on three main US stock indexes are advancing currently. Wall Street stocks closed solidly higher on Monday as US officials said on the latest Covid-19 variant "thus far it does not look like there's a great degree of severity to it". The three main stock index benchmarks booked daily gains in the range of 0.9% to 1.9% led by travel shares.

European stock indexes are up currently after ending higher Monday led by travel and leisure shares. Asian indexes are mostly rising today with Hang Seng index leading gainers as the People's Bank of China cut the required reserve ratio freeing up $188 billion in liquidity.

Brent is extending gains currently ahead of data from the American Petroleum Institute later today. Prices closed sharply up Monday supported by easing of Omicron concerns and declining prospects of a rise in Iranian oil exports after suspension of indirect US-Iran nuclear talks which hit roadblocks last week. US West Texas Intermediate WTI rallied 4.9% and is higher currently. Brent jumped 4.6% to $73.08 a barrel on Monday.