This morning, the S&P 500 Index e-mini futures (ES-U2) are soaring higher by 18.50 points to 1353.50 per contract. The surge in the stock futures comes as the European Central Bank President Mario Draghi states that he is willing to do whatever it takes to preserve the euro. He also added in his statement that his action will be enough. This remark has sent the stock markets around the world into inflation euphoria. You should all know by now, the major stock market institutions that move markets love artificial inflation.
All of the leading European stock indexes are flying higher on the news. The FTSE MIB (Italy) is trading higher by 4.65 percent, meanwhile, the IBEX 35 (Spain) is trading higher by 3.87 percent. The CurrencyShares Euro Trust (NYSEARCA:FXE) is trading higher by 1.16 percent before the opening bell at the New York Stock Exchange. We shall see how long this rally can hold up as other inflationary news from the central banks has faded quickly.
The U.S. Dollar Index futures will often trade lower when the stock markets are higher. Today, that inverse relation is very evident as the U.S. Dollar Index futures (DX-U2) are declining by 0.90 cents to $82.73 per contract. A weaker U.S. Dollar will usually help to inflate most commodities and stocks. Some leading equities that will trade higher at the start of the day due to the weak dollar include iPath Dow Jones UBS Copper Total Return Sub-Index ETN (NYSEARCA:JJC), ProShares Ultra Silver (ETF) (NYSEARCA:AGQ), and the SPDR Gold Trust (ETF) (NYSEARCA:GLD).
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Markets Surge After ECB Inflation Pledge
Published 07/26/2012, 09:44 AM
Updated 07/09/2023, 06:31 AM
Markets Surge After ECB Inflation Pledge
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