The Stoxx 600 finally touched its 200-DMA after clawing above its 50% Fibonacci retracement. Gains aren't euphoric but are supported by surging oil prices, a soggy euro, health care M&A and some strong earnings from the likes of SAP.
The two biggest factors to watch to see if this gain is sustainable are whether commodities (especially oil) can stay elevated, and whether the euro can reassert itself against the dollar.
Things look optimistic for the moment, but as had happened countless times before, everything can turn red in the matter of minutes.
Source: Bloomberg Pro Terminal
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