Crude hits Fresh Highs Buoying Riskier assets

European yields are lower, while peripheral benchmark yield spreads relative to Bund yields were wider as a consequence of the ECB having temporarily suspended bond buying operations between Christmas and the new year. European stock markets started well, buoyed by a rally in copper and base metal prices, before tipping lower in quiet conditions, and most of the main national indexes were showing modest losses. Weakness in tech stocks amid reports that sales of Apple’s iPhone X have been disappointing helped weigh on sentiment, while copper and other commodity prices corrected some. Oil prices, which hit a two-and-a-half-year yesterday, also softened today.

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