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European Stocks Higher; Reddit Horde Shifts Focus to Silver

Stock MarketsFeb 01, 2021 03:53AM ET
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© Reuters.

By Peter Nurse 

Investing.com - European stock markets traded higher Monday, rebounding after last week’s selloff as the army of retail investors that squeezed hedge funds' short equity positions last week shifts its focus to silver.

At 4 AM ET (0900 GMT), the DAX in Germany traded 1.2% higher, the CAC 40 in France rose 1% and the U.K.'s FTSE index climbed 0.8%. 

Global stocks posted their biggest weekly drop in around three months last week, partly on the turmoil fueled by retail traders organizing over online forums to take on hedge funds by buying heavily-shorted stocks, such as GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC).

Such pressure appears to have eased, as the focus of the newly-empowered day traders now seems to have shifted towards silver, which has jumped 6% to a six-month high. This has helped miners, including Fresnillo (LON:FRES), Polymetal (LON:POLYP) and Boliden (ST:BOL), to post early stock gains.

The corporate earnings season has continued Monday. 

Ryanair (LON:RYA) stock rose 0.6% after the budget airline said it remains cash rich and expects a “reasonable summer” despite forecasting it will lose close to 1 billion euros ($1.2 billion) in its current financial year as the Covid lockdowns hit air traffic.

BP (NYSE:BP) stock rose 0.1% after the oil major agreed to sell a 20% stake in its Oman interest for $2.6 billion. Siemens Healthineers (DE:SHLG) stock rose 1.3% after posting a rise in its first quarter net profit, while Klepierre (PA:LOIM) stock slumped 5.7% after the French real estate trust said 70% of its portfolio had been hit by the lockdowns.

In economic data, German retail sales slumped 9.6% on the month in December, as lockdowns hit consumer spending in Europe’s largest economy. The day's other big release in Europe, the Eurozone manufacturing PMI, was more resilient, edging up to 54.8, defying expectations for a slight drop thanks to improvements in France and Italy..

The U.K. issued a record number of Covid-19 vaccines on Saturday, bringing the total number of people to have received their first dose to just short of 9 million.

The rollout of vaccines throughout most EU countries has been less impressive, prompting a diplomatic spat late last week when the EU Commision announced it would impose export controls on vaccines, potentially creating a border between Northern Ireland, part of the United Kingdom, and EU member Ireland.

This decision was quickly reversed, but is indicative of the mistrust between the two sides after the tempestuous long-running Brexit talks.

Oil prices edged higher Monday on hopes that the recent surge in Covid-19 cases worldwide has peaked, as well as on output cuts by Saudi Arabia. U.S. crude futures traded 0.8% higher at $52.61 a barrel, while the international benchmark Brent contract rose 1% to $55.57. 

Elsewhere, gold futures rose 0.8% to $1,864.60/oz, while EUR/USD traded 0.3% lower at 1.2095.

European Stocks Higher; Reddit Horde Shifts Focus to Silver
 

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Comments (11)
Miguel Bergano
Miguel Bergano Feb 01, 2021 6:02AM ET
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jeez, the silver move is the best bot operation in financial history... divide to conquer is the strategy. GME AMC will leave a lot of pain behind if the line gets broken.
Freeload Twentytwenty
Freeload Twentytwenty Feb 01, 2021 5:38AM ET
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Fu++ck you who ever wrote this article . . . WSB didn't encourage on this fake short attack . . .it's the people who happen to  . . . . WE LOVE SILVER WE LOVE SILVER WELOVE SILVER
Shandy Gehlot
Shandy Gehlot Feb 01, 2021 5:28AM ET
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govt change import duty on gold and silver 12.5 to 7.5 percentage and gold down only 1000 point in Mcx what a joke
Kristof Naessens
Kristof Naessens Feb 01, 2021 5:24AM ET
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How long before the big bullion banks start crying for a rule change! AGAIN!
Myster Wibble
Myster Wibble Feb 01, 2021 5:19AM ET
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we do not do SILVERwe have unfinished job with GME AMC
Waldemar Gau
Waldemar Gau Feb 01, 2021 5:19AM ET
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hadgefond and banks holding silver and push it, do you mean the banks bots on reddit
Shayne Payne
Magpie Feb 01, 2021 5:15AM ET
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Nobody on WSB is talking about SLV - Nobody
Waldemar Gau
Waldemar Gau Feb 01, 2021 5:15AM ET
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bots do :)
Diego Le Gallou
Diego Le Gallou Feb 01, 2021 5:15AM ET
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Thanks for the fakenews from hedgefund, i sell my silver, real battle is GME, AMC. Any people with internet can read in Reddit the reality. Don't need to you to see what happen.
Samwise The Brave
Samwise The Brave Feb 01, 2021 5:04AM ET
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THIS IS MISINFORMATION! "Reddit Hordes" are not buying SIlver, this is an attempt by the Hedge Funds to alleviate the pressure on GME by getting you to buy Silver.....if you buy SIlver the Hedge Funds benefit as they are long
Samwise The Brave
Samwise The Brave Feb 01, 2021 5:02AM ET
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This is misinformation at its best, the "reddit hordes" are not buying silver....this is an attempt by the hedge funds to release the pressure on GME by getting the retail investors to buy Silver. If you buy silver you will be supporting the hedge funds!
Waldemar Gau
Waldemar Gau Feb 01, 2021 4:42AM ET
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also i shorted silver today, good luck
Fabio falec
falec Feb 01, 2021 4:42AM ET
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They want to squeeze all shorties and you went short. LoL
Waldemar Gau
Waldemar Gau Feb 01, 2021 4:42AM ET
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Fabio falec if it go to 100 I am squeezed :)
Samui Lo
Samui Lo Feb 01, 2021 4:32AM ET
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NO. "Reddit hordes" are all OPPOSED to this move in silver it is a move by the hedgies to recoup some loses they made shorting
 
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