The Evergrande debt crisis, the Chinese energy crackdown on missed targets and the ban on cryptocurrencies have been shaking the markets, along with Federal Reserve’s (Fed) more hawkish policy stance last week, and not only on its QE taper front but also regarding the interest rates.
Natural gas futures rebound fast from last week’s dip and should continue rising as the winter approaches. US crude traded it above the $75 per barrel in Asia for the first time since July.
Despite discouraging news on the wire, US and European futures traded mostly in the positive hinting at some more consolidation in equities at the start of the week.
In Germany, SPD party is ahead of outgoing Angela Merkel’s Christian Democrats. An SPD-led coalition in Germany is quite bearish for the DAX, but there is no particular sign off stress on DAX which recovers last week’s losses this Monday.
Finally, the impact of the latest Chinese news on Bitcoin’s price was significant but not dramatic as the $40K support held well during the kneejerk drop and during the weekend.
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