US oil sector benefits from price rise

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Prosperity Investment Management provides you with a weekly update from markets across the globe.

US markets benefitted from a bounce as investors anticipated Joe Biden’s stimulus package and further distribution of vaccinations across the globe. In keeping with late 2020, several indices reached all-time highs with the oil sector benefitting from a rise in oil prices.

European markets also marched forward. The continent clearly benefitting from various vaccination programs, with Poland announcing it’s intent to reopen it’s economy within the near future. Most European markets saw gains including that of Italy, where Mario Draghi (former Head of ECB) began his tenure in the Italian office.

Finally, in Asia the highlight was in Hong Kong, as investors poured $5.4 billion into the IPO of Kuaishou Technology, resulting in the largest internet IPO since Uber (2019).