4 Things to Know in Monday’s Market

Global markets rally, crude oil breaks the $50 barrier, India’s central bank governor steps down, and gold sinks. Here are four things to know in the market today, June 20.

1.     Global Markets Rally

European stock markets were mostly higher on Monday, with the London FTSE100 up 2.5% and Germany’s DAX climbing 3%. The Stoxx 600 gained 2.9%.

Asian stocks were higher across the board after a weekend survey showed regained support for the UK to remain in the European Union. Japan’s Topix closed the day 2.3% higher.

In the U.S., S&P 500 futures were 1.3% higher and Dow futures gained more than 200 points.

2.     Crude Oil Breaks $50 Barrier Again

Crude oil was higher on Monday, with Brent for August settlement climbing to above $50 per barrel this morning. West Texas intermediate crude for July delivery was up to $48.67 a barrel.

Last Thursday, Brent crude was trading at $47 a barrel.

3.     India’s Central Bank Governor Steps Down

In a surprise move, Raghuram Rajan, Governor of India’s central bank, announced that he will be stepping down when his tenure ends in September. The central bank governor has made it clear that he is willing to continue in his current position, but lack of government support appears to have swayed his decision to leave.

Five candidates are up for the position.

Indian stocks closed up 0.7% on the news, as the Modi administration calmed investor concerns.

4.     Gold Sinks

Gold futures tumbled on Monday, falling from a 22-month high last week, as Brexit concerns eased.

The yellow metal dropped to a low of $1,282.30 a troy ounce before settling back up to $1,286.55 in early afternoon.

Gold surged to a near two-year high of $1,318.90 amid mounting fears that the U.K. would vote in favor of leaving the European Union.

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Daniel Simmons