The positive sentiment from Friday carries on today as global markets and the U.S. Dollar are looking to rise further. World’s biggest cryptocurrency Bitcoin is bouncing back towards the $4,000 mark after losing almost third of its value recently. Meanwhile, Oil prices remain steady to trade near 5-months high. Check out today’s headlines in global finance markets.
1. Global stocks push higher
The bullish sentiment that fueled more Wall Street records on Friday carried through into the new week, with European and Asian markets rallying across the board, as global investors returned to perceived riskier assets amid cooling geopolitical tensions.
Asian shares hit their strongest level since late-2007, with benchmarks in South Korea, Hang Seng and mainland China all ending in positive territory. Japan markets were closed for a public holiday.
In Europe, shares rose to six-week highs in mid-morning trade, with almost all major bourses across the region in the green. Portugal's stocks outperformed after the euro zone country returned to an investment grade rating after more than five years.
Meanwhile, U.S. stocks were shaping up to resume a record run on Wall Street, with the major benchmarks up around 0.2%-to-0.3%.
2. Dollar continues its good form
The USD hit an 8-week high against the JPY, supported by a rise in U.S. Treasury yields, as traders eyed this week's Federal Reserve meeting for insights into the outlook for monetary policy.
The Fed is widely expected to keep interest rates unchanged at the conclusion of this week's meeting, but is likely to announce a plan to start shrinking its massive $4.5 trillion balance sheet in an effort to normalize policy.
Markets will also be looking for further clues on the timing of the next Fed rate hike, with around 60% of market players expecting a move by December.
3. Oil trades at 5-month highs
Crude oil prices started the week on the front foot, holding near the five-month highs seen last week, amid optimism over the outlook for global supply and demand.
U.S. West Texas Intermediate (WTI) crude futures tacked on 22 cents, or around 0.5%, to $50.66 a barrel, not far from a five-month high of $50.88 touched last Thursday.
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., was up 17 cents, or 0.3%, to $55.79 a barrel. It traded as high as $55.99 intraday Thursday, a level last seen since May.
4. Bitcoin prices bounce back
Bitcoin, the world's biggest digital currency by market cap, bounced back toward the $4,000-level, with prices last up around 8% at $3,943.
The digital currency lost more than $1,000 in value last week and dropped below $3,000 per coin for the first time in over a month as news of a regulatory crackdown in China broke.
