SINGAPORE/NEW YORK- Stock markets in Asia ground higher, except in Australia where a surge in coronavirus infections put pressure on bank and travel shares and the benchmark index fell 1 percent. S&P 500 stock futures ESc1 advanced 0.4 percent in line with the relatively positive mood.
The euro’s rally was triggered by European Union leaders striking a deal for a region-wide rescue plan, a huge step toward both recovery and a stronger union.
Bellwether three-month copper futures, sat close to two-year peaks and iron ore prices opened higher still, shrugging off a production increase in Brazil and a cautious outlook from global miner
Sliding real bond yields have added to the luster of precious metals, at the same time that industrial demand has put silver on a tear. Spot prices for the metal, used in solar systems, rose 5 percent on Wednesday and are up 15 percent for the week.
Gold also made a fresh nine-year high of $1,865.35.
“The silver-gold price ratio is still well short of the long-term average,” said Commonwealth Bank of Australia commodities analyst Vivek Dhar
“We think that means that a sustained rally in silver can continue, particularly when demand hopes and supply concerns are added to the mix.” — Reuters
