With fears of renewed turmoil in global equity markets diminishing, investors on Tuesday withdrew from “havens” such as the world’s largest currency, the dollar, and government bonds. The day before, investors were worried about the collapse of heavily indebted real estate company China Evergrande, as stock markets fell and investors sought refuge in other asset classes. The euro barely changed overnight at $ 1.1729. Sales of government bonds lowered the yield on 10-year federal securities to minus 0.295%. However, investors turned to gold again. The price of an ounce of the precious metal rose 0.6% to $ 1,774. Silver and platinum also rose 1.2% and 5.1% respectively, and palladium rose 1.3%.
After the drop in oil prices the day before, prices recovered somewhat. The Brent variety from the North Sea cost $ 74.56 a barrel, or 0.9% more. Production losses in the Gulf of Mexico caused by Cyclone Ida have always had an impact, ANZ Bank analysts wrote. In addition, electricity suppliers have increasingly turned to oil due to rising gas and coal prices.
For cryptocurrencies, however, the decline continued. A Bitcoin was trading down 2.1% to $ 42,112 in the evening. Previously, the largest and most well-known cryptocurrency temporarily fell nearly 8% to a seven-week low at $ 40,172. Little rival Ethereum fell 4.1%, trading below $ 3,000 for the first time since early August. Nervousness over high-risk investments remains high, brokers said. “We cannot take a very positive view until we have passed the next few days,” said Matthew Dibb, manager of crypto index fund provider Stack Funds.