Global Markets – Stock markets are higher as Trump returns to the White House

Improvements in both the health of U.S. President Donald Trump and the prospect of a U.S. stimulus package led to a cautious rise in Asian stock markets and a loss of bonds and dollars.

Trump returned to the White House on Monday after a three-night hospital stay for Kovid-1 for treatment and said he felt “really good.”

Meanwhile, U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Munchin spoke by phone for about an hour and expressed readiness to resume talks on Tuesday, continuing their work for an agreement on coronavirus aid spending.

Trading in the S&P 500 futures stabilized early in the Asian session, with the best daily gains in the S&P 500 index in a month. Oil made huge profits overnight.

The broader MSCI index for Asia-Pacific stocks outside Japan rose 0.2 per cent to a two-week high. Japan’s Nikkei rose 0.4%. South Korea’s kosi rose 0.6% and futures made positive progress in Hong Kong.

Australia’s ASX 200 fell 0.2% in early trade. Chinese markets are closed for the holidays.

Michael McCarthy, chief market strategist at Sydney-based brokerage CMC Markets, said the government’s budget was sent in the evening, especially before the central bank meeting at 0330 GMT in Australia.

In the wake of Trump’s Covid-1 diagnosis 19, Asian markets are blocking most vendors on Monday and Friday. With its improvement, Wall Street, energy, tech and healthcare stocks rallied heavily through the night. The innings gained 1.7%, the S&P 500 1.8% and the Nasdaq 2.3%.

Safe-haven assets – especially long-term ones – were sold in line with the optimistic mood as bonds also joined the market. US 300-year government bond yields rose 10 basis points to a four-month high of 1.5930%.

The benchmark 10-year yield reached a five-week high and was 0.7784% early in Asian trade.

“There is a near-term stimulus under the Biden presidency, which has the benefit of a clean sweep, and then a potentially large deficit,” said Ray Attrill, head of FX strategy at National Australia Bank in Sydney.

Except for the yen, the dollar was under pressure in the currency market as higher yields could often come from Japan.

The yen last traded at 5 105.73 per dollar. The dollar was depreciating against the backdrop of Australian and New Zealand risks. Compared to Australia, Australia’s percentage was 0. %% and wi was 0.6565651 dollars.

The euro was at a two-week high of 17 1.1789 overnight.

Oil jumped more than 5 percent overnight to squeeze supplies due to optimism surrounding Trans health and a strike on Norwegian oil fields.

American crude was last stable at 39.25. Brent crude rose 0.2% to .3 41.36. Gold was stable at 9,912 per ounce.

This story has been published from the Wire Agency feed without altering the text. Only the caption has been changed.

Subscribe to it Mint Newspapers

* Enter a valid email
* Thank you for subscribing to our newsletter.

    .

Source

Leave a Reply

%d bloggers like this: