Risk Assets Rebound after Days of Selloffs

Market sentiment improved modestly as solid earnings reports in the US retail sector, success in peripheral European bond auctions and stronger-than-expected US industrial production upstaged weakness in the housing market. Stock markets rose with DJIA and S&P 500 gaining +1.01% and +1.22% respectively while Stoxx600 climbed +1.1%. USD and JPY eased amid rise in risk appetite. In the commodity sector, oil price rebounded after declining for 5 days with the front-month WTI contract edging +0.50% to 75.77 at close. The contract soared to as high as 76.63 at one point. Heating oil and gasoline also advanced, rising +1.87% and +1.50% respectively. Gold was a tad higher but gains was limited.

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Risk Assets Rebound after Days of Selloffs