News

Rally stalls, Bitcoin falls

CMC Markets

European shares edged lower in overnight trading as the global re-opening rally stalled. US markets were closed for the Thanksgiving holiday. Crude oil fell, and gold and bonds received investor support. Bitcoin took centre stage, trading a $2700 range as it pulled back from all-time highs.

The corrective moves followed further details from AstraZeneca about its vaccine trials. Researchers are yet tom understand why the trial vaccine appears more effective at lower doses, and admitted the lower dosages were initially accidental. It’s likely the company will start a new trial to firm up results. The news was enough to trigger profit taking, given the importance of a vaccine to market confidence.

Bitcoin may be a victim of its own success. Traders suggested several large holders moved to lock in gains as the cryptocurrency reached for all-time highs. The huge trading range and spike in volatility could mean the block chain based currency is heading into turbulence.

Asia Pacific share futures indicate modest opening pressure. Tokyo CPI is estimated 0.5% lower in November at the headline level, accelerating from October’s -0.3%. Confirmation at this morning’s release may undermine current yen strength.


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