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Asian Stocks Set for Gains as U.S. Hits Fresh High: Markets Wrap

goo by goo
December 1, 2020
in Markets
0
Asian Stocks Set for Gains as U.S. Hits Fresh High: Markets Wrap

Oriental stocks looked primed for profits after fresh record highs from their U.S. peers as a renewal of aid talks added to optimism over development on coronavirus vaccines. The dollar extended the slide of its to a more than two year low and Treasuries slumped.

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Futures pointed to gains in hong Kong and Japan and Australian shares rose. S&P 500 contracts had been little changed after the benchmark closed more than 1 % higher. House Speaker Nancy Pelosi delivered a new proposal for a stimulus package and Senate Majority Leader Mitch McConnell said he is circulating among Republicans his very own revised plan, that has the backing of President Donald Trump. President-elect Joe Biden urged Congress to pass a help program. Benchmark Treasury yields climbed back above 0.9 %.

Petroleum extended losses as tensions between OPEC members heightened uncertainty over the team delaying its planned paper increase. Gold held an advance, while Bitcoin retreated after nearly reaching $20,000 for the first time.

S&P 500 has posted the foremost daily 1 % swings in both direction after 2009 After a record month for global stocks, there’s no sign the rally that’s been fueled by vaccine breakthroughs is actually losing steam. Pfizer Inc. and partner BioNTech SE have sought regulatory clearance for their Covid-19 vaccine in the European Union as well as BioNTech said it could start shipping the first doses “within hours” after approval.

“Markets are closing out a phenomenally volatile year in a euphoric manner,” Kathryn Rooney Vera, chief investment strategist at Bulltick LLC, said on Bloomberg TV. “Markets are in an entire bull scenario.”

Despite the optimism, Federal Reserve Chairman Jerome Powell cautioned lawmakers that the U.S. economy remains in a damaged and uncertain condition during testimony at a Tuesday hearing prior to the Senate Banking Committee.

These’re a number of key events coming up:

Fed‘s Powell testifies before Congress again on Wednesday.
The U.S. employment report on Friday is likely to show a lot more Americans headed back to operate in November, though at a slower speed than October.

Powell, Mnuchin Make Push for More Stimulus Federal Reserve Chair Jerome Powell along with U.S. Treasury Secretary Steven Mnuchin both backed a lot more fiscal stimulus to bridge the economy through the next three months of the pandemic as the promise of Covid-19 vaccines looms.Source: Bloomberg
Allow me to share several of the main moves in markets:

Stocks
S&P 500 futures were little changed as of 8:05 a.m. in Tokyo. The S&P 500 Index rose 1.1 % on Tuesday.
Futures on Japan’s Nikkei 225 gained 0.3 %.
Hang Seng futures earlier received 0.3 %.
Australia’s S&P/ASX 200 Index advanced 0.3 %.

Currencies
The Bloomberg Dollar Spot Index declined 0.7 % Tuesday.
The yen was little changed at 104.33 a dollar.
The offshore yuan traded flat at 6.5512 a dollar.
The euro was little changed at $1.2070, after rising more than one % Tuesday.

Bonds
The yield on 10-year Treasuries rose 9 basis points to 0.93 % Tuesday.

Commodities
West Texas Intermediate crude fell 0.7 % to $44.25 a barrel.
Gold fell 0.1 % to $1,813 an ounce.

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