After the Swiss Franc rose to PLN 4.3580 on Friday, Monday saw another increase in the Helvetic currency. In the evening it was rated at PLN 4.3740 – it didn’t cost much at the end of the day. Of course, on Black Thursday, January 15, 2015, which is unforgettable for Swiss franc loan holders, the franc even cost 5.14 PLN during the day the SNB stopped defending its currency. Then the price settled around PLN 4.15-4.20.
What is the reason for the current strengthening of the franc? (The Swiss currency gains against the euro, which translates into a weaker zloty against the franc.) Investors are looking for a so-called safe haven in times of rising global inflation and a possible slowdown due to the next wave of the pandemic.
On Monday, the latest forecasts of Bank of America analysts appeared on the market – according to them, Brent oil will cost $ 120. This could happen in the first half of 2022. Previously, Goldman Sachs had bet $110.
According to BoA, the global energy crisis, which has driven up gas and coal prices, has accelerated the recovery of oil futures. Yesterday at nearly 1 percent. A barrel of Brent costs $84.50 to increase.
Analysts indicate that oil will soon approach $100. per barrel, indicating that demand is outstripping supply, and that slowing investment in new sources may run out of reserves. In addition, an increase in demand for gasoline, diesel and jet fuel combined with refining capacity constraints could push up the price in 2022.
Monday’s session on Wall Street ended with gains, and the major indexes Dow Jones, S&P 500 and Nasdaq set new records. The best session since August was recorded by Russell 2000, who brought together small businesses, and investors are awaiting the Federal Reserve’s decision and the US labor market report.
The Dow Jones Industrial Average closed 0.26 percent at 3,5913.84 points. This is the historical peak of the index. The S&P 500 index rose at the end of the day by 0.18 percent to 4,613.67 points. This is a new record for this index. The Nasdaq Composite Index rose 0.63 percent. And closed the session at a record level of 15,595.92 points.
The main story driving the stock markets is the consolidation of the global recovery. Fundstrat’s Tom Lee said COVID-19 trends are improving, but with vaccines, improvements in healthcare risk factors could accelerate significantly in 2022.”
Shares of Tesla, which turned into a $1 trillion company last week, rose 2%. And it reached the level of 1200 dollars.
Harley-Davidson grew by 7.5 percent. After the United States and the European Union ended their dispute over steel and aluminum tariffs.
One of the main market events this week will be the US Federal Reserve’s decision on Wednesday at 19.00 Polish time and the press conference of Fed Chair J. Powell. The Federal Reserve is part of a global movement to reduce the bias of accommodative monetary policy. In a way, the stock market is on the line to be the first to come out against inflation and the reaction of central banks, said Peter Bokfar, chief information officer at Bleakley.
The index of industrial activity in the United States in October fell to 60.8 points. from 61.1 points last month, the Institute for Supply Management (ISM) reported. Analysts expected the index to reach 60.5 points.
Natural gas prices rose again on Monday after several days of declines. This time around 10 percent. reason? The gas flowing through the Yamal-Europe gas pipeline was diverted from Russia towards the east instead of west via Germany. On Saturday, flows at the entry point of Malno in Germany fell to zero.
News agencies stress that with Europe’s lowest gas storage capacity in years, consumers, industry and policy makers must rely on good weather to avoid a winter gas crisis. Prices have risen in recent weeks due to increased demand from recovering economies and lower inventories. Example? German gas stocks stood at 71 percent. Available capacity compared to 94 percent. a year ago.
Bloomberg
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