Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

Morning Wrap: A muted session due to US market’s absence

stock markets

US stock futures slid, and European markets were little changed on Monday due to the absence of Wall Street on the US Presidents Day holiday.

While the FTSE 100 index notched higher and hit a fresh all-time high, the Euro Stoxx 50 and DAX edged lower. The US dollar fell against most of the other G10 currencies, with the Australian dollar gaining the most amid the RBA’s hawkish tone from last week.

China’s growth-sensitive commodities, including oil and gold futures, were higher, following a strong session in Chinese stock markets as China’s reopening optimism continued to buoy Asian stocks, with the CSI 300 index up 2.45% on Monday. The ASX is set to open lower ahead of BHP’s earnings report.

Click to enlarge the table

Chinese property stocks jumped on new support measures. China announced a pilot programme to promote private investment in the real estate sector, with only institutional investors eligible for the scheme, and investors need to offer no less than 10 million yuan to participate, according to China Securities Regulatory Commission.

Crude oil rebounded from last week’s slump following the Chinese market rally. China’s reopening and upcoming Russian oil production cut sparked supply concerns again. China and India become the biggest buyers of Russia’s exports. With refineries ready to recover their capacities in China, the demand outlook has been considerably improved.

Cryptocurrencies continued to outperform other asset classes. Both bitcoin and ethereum bounced off their session lows and stayed at six-month high levels despite more regulatory actions set to be taken by the US SEC. The SEC ordered Paxos to stop issuing Binance stablecoin BUSD, which implies a $137 billion market. 

Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.