Stock Market Sentiment Surges on Coronavirus Vaccine Hopes | Webinar
Market sentiment analysis:
- Trader confidence remains high in global stock markets despite early signs of profit-taking after Monday’s surge.
- Sentiment continues to be boosted by hopes that Pfizer’s successful coronavirus vaccine trial brings a recovery from the pandemic closer.
Traders confident of economic recovery
Traders remain confident that Pfizer’s successful vaccine trial represents a breakthrough in the battle against the coronavirus pandemic, lifting global stock market indexes further Tuesday after Monday’s surge. While signs of profit-taking began to emerge early in Europe, that soon gave way to further buying.
So-called value stocks – shares in companies like airlines that have been hardest hit – continue to benefit most, at the expense of shares in those that have profited from the pandemic such as Zoom and Netflix. Confidence also rose in commodities like oil that should gain most from an economic recovery but it was indexes like London’s FTSE 100 that rallied hardest.
FTSE 100 Price Chart, One-Hour Timeframe (November 2-10, 2020)
Source: IG (You can click on it for a larger image)
In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it. You might also like to check out the DailyFX Trading Global Markets Decoded podcasts.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me on Twitter @MartinSEssex
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.