Global Stocks, Bitcoin And Oil Surge

Global stocks, Bitcoin and oil surge

Global stock markets rose on Friday on positive US corporate earnings and consumer spending, while oil prices hit a three-year high and Bitcoin homed in on a record

London, (UrduPoint / Pakistan Point News - 15th Oct, 2021 ) :Global stock markets rose on Friday on positive US corporate earnings and consumer spending, while oil prices hit a three-year high and Bitcoin homed in on a record.

London's FTSE 100, Frankfurt's blue-chip DAX and the CAC 40 in Paris all closed higher after strong showings on Asian markets.

On Wall Street, the Dow Jones Industrial Average was up 0.8 percent in midday trading, with the S&P 500 and tech-heavy Nasdaq also up.

Investors put aside concerns about surging inflation as they turned their attention to a series of good earnings results in the United States, notably at major banks.

"And just like that, inflation isn't a problem, the earnings news is great, and it's clear skies ahead for the stock market," said Patrick O'Hare, analyst at

"That may be an oversimplification of the situation, but the mood of the market has clearly shifted in the past few days," O'Hare said.

Goldman Sachs reported a jump in third-quarter profits on Friday behind robust gains in its financial advisory and trading divisions.

The US economy appears to be on track, new data showed on Friday, with consumers stepping up spending in September and retail sales posting a surprise 0.7 percent increase, pushed by broad gains that extended beyond gasoline and autos.

- Bitcoin breaches $60,000 - Bitcoin breached the $60,000 mark for the first time since April on growing hopes that the Securities and Exchange Commission will allow the first US futures exchange-traded fund for the cryptocurrency.

The move, which Bloomberg News said could occur next week, would place Bitcoin in a financial instrument that is traded like other securities, potentially making it more attractive to traditional investors.

The ETF would add to an eventful year for the world's leading cryptocurrency, which hit a record high at $64,870 in April and became a legal tender in El Salvador, the first country to adopt it officially.

"An SEC Bitcoin ETF approval is a watershed moment for the crypto industry as this could be the key driver for getting the next wave of crypto investors," said Edward Moya, senior market analyst at OANDA.

North Sea Brent crude, meanwhile, soared to $85.10 per barrel, a level last seen in October 2018, with the International Energy Agency raising its forecast for demand as coal and gas shortages have triggered a switch to oil.

It retreated under $85 later in the day.

- Key figures around 1630 GMT - New York - Dow: UP 0.8 percent at 35,190.05 points London - FTSE 100: UP 0.4 percent at 7,234.03 Frankfurt - DAX: UP 0.8 percent at 15,587.36 Paris - CAC 40: UP 0.6 percent at 6,727.52 EURO STOXX 50: UP 0.8 percent at 4,182.91 Tokyo - Nikkei 225: UP 1.8 percent at 29,068.63 (close) Hong Kong - Hang Seng Index: UP 1.5 percent at 25,330.96 (close) Shanghai - Composite: UP 0.4 percent at 3,572.37 (close) Euro/dollar: DOWN at $1.1590 from $1.1597 at 2100 GMT Pound/dollar: UP at $1.3758 from $1.3673 Euro/pound: DOWN at 84.26 from 84.82 pence Dollar/yen: UP at 114.24 Yen from 113.68 yenBrent North Sea crude: UP 0.4 percent at $84.31 per barrelWest Texas Intermediate: UP 0.5 percent at $81.74 per barrel