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Miners listed in Europe surged on Monday as interest from U.S. retailers pushed silver futures to an eight-year high.
Fresnillo FRES,
Mexico’s second-largest silver miner, jumped 17% in London. Anglo-Russian gold and silver miner Polymetal POLY,
increased by 7%, and the Polish silver and copper miner KGHM Polska Miedz KGH,
also increased by 7%.
SI00 Silver Futures,
increased by 12%.
The cash gains illustrate the wild moves in some stocks and assets over the past week, initially fueled by a short squeeze on US video game retailer GameStop GME,
which has spread to other assets.
“Influencing the price of silver will not be as easy as a single small or medium sized stock. Silver’s market cap is between $ 1.4 trillion and $ 1.6 trillion, up from GameStop’s $ 1.5 billion before it became the target of retail investors, and much of the market is out. stock Exchange. However, it will be interesting to see the power of smaller players and how far they can push prices, ”said Hussein Sayed, chief market strategist at FXTM.
After a difficult week during which it lost 3.1%, the Stoxx Europe 600 SXXP,
rose 1.1% on Monday.
ES00 US equity futures contracts,
were also higher.
Actions in motion, JD Sports Fashion JD,
rose 6% after agreeing to buy DTLR Villa, a Baltimore-based shoe and sportswear retailer with 247 stores, for $ 495 million. In the 52 weeks ended February 1, DTLR recorded earnings before interest, taxes, depreciation and amortization of $ 45.6 million.
Klépierre LI,
fell, as the mall operator said 88% of its French shopping centers were closed, along with non-essential stores in Italy, Denmark, Germany, the Netherlands, Portugal, the Czech Republic, in Barcelona and Oviedo in Spain and in Oslo in Norway.
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