The global markets finished the first day of December in green, adding to their November’s sharp gains. The risk appetite increased from the positive news around the UK approval of Pfizer’s vaccine, the hopes for more U.S. economic-fiscal stimulus as well as from the expectations for a Covid-19 vaccine-led global economic rebound in 2021.
Crude oil has lost more than 10% in October, sending WTI and Brent oil prices to a four-month low on growing concerns that the second wave of the pandemic will prompt renewed global lockdowns which will damage the demand and consumption for auto and aviation fuels.
The precious metals started the new trading week with further losses as investors are losing their appetite for safe-haven assets amid the positive vaccine developments and the growing optimism for a quick vaccine-led global economic recovery in 2021.
The Turkish lira weakened to a record low of 8.32 against the US dollar and 9.77 against the Euro on Thursday morning, heading further into uncharted territories. The Lira lost more than 27% of its value in 2020 and almost 90% since the financial crisis of 2008 against major currencies and shows little sign of stabilising despite the efforts by its Central Bank to stop the fall.
The Dow Jones and S&P 500 indices posted fresh all-time closing highs on Monday after the drug-maker Moderna announced positive data for its COVID-19 vaccine candidate, raising expectations of a strong global economic recovery.
The S&P 500 index posted an all-time closing high on Friday amid the growing optimism on an effective COVID-19 vaccine by Pfizer which will lead to a global economic recovery.
The US stock indices continue their post-election rally hitting fresh all-time highs as investors react to Democrat Joe Biden’s win in the U.S presidential election race against Republican President Donald Trump together with the news that an experimental vaccine from Pfizer Inc found to be over 90% effective in preventing COVID-19.
The unpresented hard landing in the global aviation industry demonstrates the significant impact and magnitude of the COVID-19 pandemic in the entire airline space. According to official travel data, more than 40 commercial airlines have already bankrupted or suspended their operations in 2020 so far, failing to survive the worst financial crisis in aviation history.
Two devastating explosions have heavily damaged the Lebanese capital of Beirut on Tuesday afternoon local time, killing more than 100 people, injuring nearly 4,000, and leaving homeless more than 300,000 residents.
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