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Stocks surge as markets celebrate Chinese manufacturing and US jobs

By Hugh Wilson

Major global indices make gains after positive news from the world’s two largest economies

After suffering its worst day in a month on October 31, London’s FTSE 100 recovered a hefty chunk of those losses to close on 7302, up 0.75 per cent, on November 1. That compared with a 1.1 per cent drop the previous day.

The more UK-focused FTSE 250 also registered gains, ending the day 0.69 per cent up on 20159.

The FTSE’s upbeat tone mirrored a good day for European markets generally, buoyed by positive news from the Chinese manufacturing sector and a statement from US commerce secretary Wilbur Ross that a “phase one” trade deal between the US and China “is in good shape”. Stronger than expected news on US job creation also cheered traders globally.

The German DAX closed at 12961.05, a rise of 0.73 per cent, while the pan European Stoxx 600 followed that lead to end the day 0.57 per cent up.

Early trading in the US saw both the S&P 500 and Nasdaq Composite indices race to record intraday highs. Earlier, the Shanghai Stock Exchange ended the day nearly a full percentage point up.

That positive market sentiment spread to the oil sector, with Brent Crude hitting $60.62 ‒ a rise of 1.68 per cent ‒ by late afternoon. Gold prices slipped after the better than expected news from China and the US reduced traders’ appetite for a safe port in a storm.

Cryptocurrency prices generally fell, with Bitcoin dropping to around $9,125.6 (down 0.176 per cent) by late afternoon, and XRP falling more than 2 per cent.

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