Oil prices were rejected from the ten-day highs around $43.55 while staying above the $43 handle
Asian stocks were driven higher by solid economic data out of China on Monday. China reported its economy grew at a 4.9% annual pace in the third quarter, with consumer spending and industrial production rising to pre-pandemic levels. Industrial production rose 5.8% while retail sales rose 0.9% over a year earlier, up from a 7.2% contraction in the first half. Despite fairly upbeat figures, China’s Shanghai Composite finished 0.7% lower amid waning hopes of additional stimulus measures. Meanwhile, Hong Kong’s Hang Seng index gained 0.63%, Japan’s Nikkei 225 rose 1.11% and Australia’s S&P/ASX 200 edged 0.85% higher.
European stocks advanced on Monday as hopes of a coronavirus vaccine by year-end returned to the fore. Also on the positive side, U.S. House Speaker Nancy Pelosi said Sunday she was optimistic about pushing through legislation on a fiscal stimulus deal before the November 3 election. against this backdrop, the Stoxx Europe 600 index rose 0.5% after a 0.8% drop for last week.
Meanwhile, Italy’s prime minister announced more measures to curb a second wave of infections after more than 11,000 new cases were reported on Sunday.
Meanwhile, the dollar came under some pressure after some hesitation earlier in the day. EURUSD climbed above the 20-DMA despite the European Central Bank Vice President Luis De Guindos said that the recent data shows loss of momentum in the economic recovery. Despite the downbeat comments, the euro turned positive on the day amid a broader positive risk sentiment. As of writing, the pair was changing hands around 1.1740, up 0.20% on the day.
In other markets, oil prices were rejected from the ten-day highs around $43.55 while staying above the $43 handle during the European hours as traders look to take profit off the table ahead of the OPEC+ meeting due later today. Also, Brent is dragged down by the news that the Chinese economy expanded less-than-expected in the third quarter. on the other hand, the futures remain in the green as the sentiment around risky assets remains upbeat.
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