A man wearing a protective face mask talks on his cellphone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan. Picture: REUTERS/ATHIT PERAWONGMETHA
“With the Delta variant spreading, money managers who were overinvested in the reopening trade continue to unwind that trade because it’s not working right now,” said Dennis Dick, a trader at Bright Trading. US crude oil futures were trading at $66.82 a barrel, up $0.35 or 0.53%. Brent crude was at $69.29, up $0.25 or 0.36% higher.
“The only thing that is different between now and the last 12 to 19 months is that it is likely to be accompanied by a stronger dollar.” Investors were still assessing whether Friday’s strong US payrolls report would take the Fed a step nearer to winding back its stimulus.
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Global stocks bide time as gold and oil prices slipBreak of $1,750 triggered stop loss sales in gold, while Brent sank 2% on concerns the spread of the Delta variant would temper travel demand
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