• Stock markets rebound after recent slump

  • Bitcoin makes his way back above $8000 mark

  • DOE report and RBNZ meeting stealing investors’ attention

After a heavy selloff that has stormed stock markets in the previous days equities get second breath. The upbeat moods can be seen on the European stock markets. Japanese yen is the strongest currency amid G10 basket while the AUD is the biggest underperformer. Gold is trading flat while oil prices decline slightly ahead of the weekly DOE report. Reserve Bank of New Zealand will make its interest decision in the evening.

More than a half of the S&P 500 companies have already published their financial reports for Q4 2017. In terms of revenue basic materials stocks outperformed other industries beating the estimates by 2.73% on average. Oil and gas companies as well as utilities have missed revenue expectations by 0.74% and 1.09% respectively.

The last time the Reserve Bank of New Zealand moved interest rates was November 2016 and it will not change today as the bank is widely expected to keep all rates on hold. In turn, the latest statement of the bank presented in November 2017 turned out to be more upbeat.

As per our analysis we provided yesterday the Bitcoin price gained a foothold after making its lowest point a touch below $5900. Since then, the price has already neared $8000 breaking at the same time a key short term resistance placed at $7200.

Stock markets in Europe opened higher ignoring the mixed outcome of the Asian session. The major stock benchmarks from the Old Continent post decent gains on the opening. The European utilities and telecom sectors are the biggest underperformers among all sectors.

The dust after heavy declines on Monday already settled and Wall Street was able to retrace some of losses during the yesterday’s session. The SP500 climbed 1.7%, the NASDAQ rose 2.1% and the Dow Jones , which was afflicted the most on Monday, added as much as 2.3%.

In today’s economic calendar we still have some crucial data ahead of us. In the early afternoon figures concerning Canadian housing market will be released followed by the weekly DOE report on the crude oil inventories. In the evening investors will focus on the RBNZ decision and the post-meeting conference.