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Feb. 15, 2021, 9:45 a.m. EST

Oil futures reach 13-month high as global stocks advance with U.S. markets shut

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By Steve Goldstein

The rally in commodities that some say is the start of a supercycle continued on Monday, buoying resource stocks.

The West Texas Intermediate contract /zigman2/quotes/211629951/delayed CL.1 -0.20% , the leading benchmark for oil in the U.S., topped $60 a barrel for the first time since Jan. 2020. Middle East tensions and an unusual cold snap in Texas that could cause supply disruptions was credited with moving prices higher. Other commodities including platinum /zigman2/quotes/210261555/delayed PL00 +0.47% also advanced.

“The robust recovery in oil prices and industrial metals over the past couple of months is driving the idea of a new commodities supercycle in which prices remain above-trend for many years to come,” said Hussein Sayed, chief market strategist at FXTM.

Also read: The fifth commodity supercycle has started, says leading JPMorgan analyst

Up 12 of the last 15 weeks, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.64% rose 1.1% with gainers including miners Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -0.47% and BHP Group, /zigman2/quotes/206213719/delayed UK:BHP -0.28% and oil producer Total .

The Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.66% rose 1.9% in Tokyo to a fresh 30-year high, and the Kospi Composite /zigman2/quotes/210598069/delayed KR:180721 -0.16% rose 1.5% in Seoul. The U.S. market is shut for the Presidents Day holiday , and markets in Hong Kong and China are closed for Lunar New Year. U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.16% /zigman2/quotes/210407078/delayed YM00 -0.09% , which are trading electronically, advanced.

The rollout of vaccines and progress on the Biden administration’s proposed $1.9 trillion stimulus is helping to fuel moves in global asset markets this year, the so-called reflation trade. Last week, the yield on the 10-year Treasury /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.05% topped 1.20% for the first time in a year.

Vivendi /zigman2/quotes/202179234/delayed FR:VIV -0.81% shares traded 20% higher in Paris after it said it would distribute 60% of subsidiary Universal Music Group’s share capital to shareholders and list the music label in Amsterdam by the end of the year. Investment group Bollore /zigman2/quotes/206166135/delayed FR:BOL -0.79% , which holds more than a quarter of Vivendi, gained 13%.

Analysts at UBS expect Universal to trade at a premium to Warner Music Group /zigman2/quotes/218669580/composite WMG -2.73% , given streaming deals and Universal’s greater size. Vivendi will be nearly debt free after the spin-off, the analysts said.

Lanxess /zigman2/quotes/209215330/delayed XE:LXS -2.00% rose as much as 6% after agreeing to buy U.S.-based specialty-chemicals company Emerald Kalama Chemical for $1.04 billion from private-equity firm American Securities.

Other notable moves on Monday included the U.S. dollar falling back below 7 Turkish lira /zigman2/quotes/210561895/realtime/sampled USDTRY +0.0156% for the first time since August. Turkey’s central bank more than doubled interest rates, to 17% from 8.25%, since September.

/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 88.27
-0.18 -0.20%
Volume: 13,764
Oct. 7, 2022 1:49a
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/zigman2/quotes/210261555/delayed
US : U.S.: Nymex
$ 926.10
+4.30 +0.47%
Volume: 1,106
Oct. 7, 2022 1:49a
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/zigman2/quotes/210599654/delayed
XX : STOXX
396.35
-2.56 -0.64%
Volume: 0.00
Oct. 6, 2022 11:03p
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,060.00 p
-24.00 -0.47%
Volume: 1.63M
Oct. 6, 2022 4:35p
P/E Ratio
6.19
Dividend Yield
10.44%
Market Cap
£84.29 billion
Rev. per Employee
£917,806
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/zigman2/quotes/206213719/delayed
UK : U.K.: London
2,313.00 p
-6.50 -0.28%
Volume: 920,750
Oct. 6, 2022 4:35p
P/E Ratio
6.82
Dividend Yield
11.50%
Market Cap
£117.63 billion
Rev. per Employee
N/A
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/zigman2/quotes/210597971/delayed
JP : Nikkei
27,129.96
-181.34 -0.66%
Volume: 0.00
Oct. 7, 2022 2:39p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,234.19
-3.67 -0.16%
Volume: 355,044
Oct. 7, 2022 2:39p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,750.75
-6.00 -0.16%
Volume: 67,330
Oct. 7, 2022 12:49a
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/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 29,954.00
-28.00 -0.09%
Volume: 7,445
Oct. 7, 2022 12:49a
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
3.83
+0.0018 +0.05%
Volume: 0.00
Oct. 7, 2022 1:58a
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/zigman2/quotes/202179234/delayed
FR : France: Euronext Paris
8.12
-0.07 -0.81%
Volume: 1.44M
Oct. 6, 2022 5:35p
P/E Ratio
0.34
Dividend Yield
3.08%
Market Cap
€8.41 billion
Rev. per Employee
N/A
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/zigman2/quotes/206166135/delayed
FR : France: Euronext Paris
4.79
-0.04 -0.79%
Volume: 1.00M
Oct. 6, 2022 5:35p
P/E Ratio
2.20
Dividend Yield
1.25%
Market Cap
€14.16 billion
Rev. per Employee
€252,069
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/zigman2/quotes/218669580/composite
US : U.S.: Nasdaq
$ 23.83
-0.67 -2.73%
Volume: 894,665
Oct. 6, 2022 4:00p
P/E Ratio
28.60
Dividend Yield
2.69%
Market Cap
$12.61 billion
Rev. per Employee
$982,712
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/zigman2/quotes/209215330/delayed
XE : Germany: Xetra
32.29
-0.66 -2.00%
Volume: 157,306
Oct. 6, 2022 6:30p
P/E Ratio
10.03
Dividend Yield
3.25%
Market Cap
€2.85 billion
Rev. per Employee
€558,052
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/zigman2/quotes/210561895/realtime/sampled
US : Tullett Prebon
18.5780
+0.0029 +0.0156%
Volume: 0.0000
Oct. 7, 2022 1:59a
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