Daily summary: US tech stocks rebound, bond yields reverse

• Germany will extend lockdown to 18th April
• Turkey's lira tumbles after dismissal of central bank head
• US Treasury yields retreated to 1.68%

European indices finished today’s session in mixed moods. DAX 30 rose 0.25%, boosted by gains in Volkswagen shares after Deutsche Bank lifted its price target by 46%. However risk appetite was dented by coronavirus concerns and news from Turkey where President Erdogan sacked the third central bank chief in two years after the Central Bank of Turkey lifted its benchmark interest rate by a higher-than-expected 200bps last week. Meanwhile France, Poland and Ukraine introduced new restrictions and German announced that lockdown will be extended until April 18. Travel and airlines stocks fell after British government urged citizens not to book summer holidays abroad due to the rising number of cases in other European countries. On the corporate front, AstraZeneca stock finished 3% higher after recent data showed its Covid-19 vaccine was found 79% effective in a US trial at preventing symptomatic illness.

US indices are trading higher led by a tech rally amid falling bond yields. US 10-year Treasury yield dropped to around 1.68%, after touching a 14-month high at 1.75% last week. Tesla stock added more than 5% after Ark Invest unveiled a new price target on the electric carmaker stock which calls for it to quadruple in four years. Apple, Facebook and Microsoft and Netflix shares all  rose more than 2%.

Both WTI crude and Brent are trading 0.10% higher as the worsening pandemic situation in Europe weighs on demand. Elsewhere gold fell 0.25% to $ 1,740.00 / oz, while silver is trading 1.8 % lower near $ 25.75 despite weaker dollar and lower bond yields.

USDJPY – pair has been trading in the descending channel recently. Should a break below the lower limit of the formation occur, then downward correction may start. First potential target for bears is located at 106.92 level. On the other hand, in case of a break higher, another upward impulse towards resistance at 109.93 may be launched. Source: xStation5