Stocks gained traction across Europe today, despite a massive and unexpected rise in rates of the Chinese Yuan, which are held overseas. According to Reuters below:
Stocks rose in Europe on Tuesday, lifted by a recovery in oil prices, but after a slump in crude to a fresh 12-year low and a dramatic surge in offshore Chinese yuan deposit rates had earlier rattled investors.
“There is a notion, perhaps misplaced, that oil may find a floor at present levels as it’s already down 17 percent so far this year,” said Brenda Kelly, head analyst at London Capital Group.
“The cheap and easy money is not here to stay but it seems it may be here for some time yet. A combination of bargain hunting and technical buying is also contributing.”