Stock Markets Touch Record Figures Amid Surge in Oil Demand and Global Recovery

In the first week of July 2021, the global stock markets are performing impressively. The European and American share markets have achieved complete stability. The effects are apparently visible at the performance of global stock markets. The pandemic is now under control. For the sixth consecutive time, the S&P 500 reached its all-time closing figure on Wall Street. Other European shares also managed to tough high figures. The investors in the United States of America are now eyeing the employment report.

The senior analysts and policymakers keep an eye on rising inflation. The reaction of markets also depends on the status of the improved market data. Many senior and smart investors even scrutinize the central bank instructions. The timing, the procedures and the factor of policy normalization also affect the result of the investment. A rise of 2% was seen in the oil prices. It clearly indicates that OPEC producers will enhance oil output much slower than anticipated in the coming month. On the other hand, fuel demand is likely to grow as all sectors are now operating with full strength. It was seen that the Dollar index was at its highest figure in three months. The US treasury yields managed to move a little higher, just ahead of job reports. The yellow precious metal also managed to edge up as the price attracted the attention of many traders.

A rise of 0.26% was seen in the MSCI world equity index that tracks shares in more than four dozen countries. A growth of 0.62% was seen in the pan-European STOXX 600 index. Many traders believe that US payrolls are likely to shake the market from the condition that has continuously locked currencies in tight trading ranges. The request for state unemployment benefits has dropped drastically as more and more people are back at their workplace. The currency analysts and experts admitted that June was the best month for the dollar in the last four and a half years.

There are six major counterparts of the greenback (Canadian dollar, Euro, Japanese Yen, British pound, Swedish Krona and Swiss Franc). The US dollar index is used for measuring the level of the greenback. It is the highest since the month of April to 92.602. It was last traded at 92.572. A rise of 131.02 points, or 0.38% was seen in the Dow Jones Industrial Average, taking the figure to 34,633.53. The S&P 500 rose by 0.52% or 22.44 points to 4,319.94. The Nasdaq Composite was standing at 14,522.38 after an addition of 0.13% or 18.42 points. The US crude settled up at $75.18 per barrel. Now, the consumers are requesting for higher production as the world has almost recovered from the pandemic. A rise of 0.19% or $3.3126 was seen in spot gold prices. It was $1,773.12 per ounce.

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