Global Markets Rally As Biden Takes Office, Dollar Softens, Bitcoin Falls To $33.2K

Major indices worldwide traded higher on Thursday as President Joe Biden taking office on Wednesday restored investor optimism of a more significant stimulus.

Futures: The Dow futures are up by 0.15%, and the S&P 500 futures are trading higher by 0.24% on the last check Thursday. WTI crude futures are down by 0.41% to $53.09, while gold futures are trading higher by 0.16% at $1,869.50. Ten-year Treasury yield is down 1.3 bps at 1.077%. The VIX futures are down by 0.30% to 24.70.

See Also: Here's What The Markets Did On The First Day Of Biden's Presidency

Cryptocurrency: Bitcoin is trading lower by 5.92% at $33,243.98 on the last check, and Ethereum is down 4.58% at $1,286.90. Fundstrat Global Advisors strategist David Grider sees Ethereum hitting $10,500. Several other cryptocurrencies gained despite a slump in Bitcoin.

Asia: Japan’s Nikkei 225 closed higher by 0.82%. The nation’s December trade balance surplus narrowed to ¥480 billion, with exports growing 2% year-over-year. Technology stocks gained in Tokyo, partially offset by a dip in bank stocks. CPI and PMI data are due later today.

China’s Shanghai Composite advanced 1.07%, as traders hope for a better U.S.-China relationship under Biden. Technology, materials, and healthcare stocks led the index gains.

Australia’s S&P/ASX 200 closed higher by 0.79% as the December unemployment rate of 6.6% came in lower than expected. Consumer, finance, and tech stocks drove the index gains. Retail sales and PMI data are due later today.

Hong Kong’s Hang Seng closed marginally lower by 0.07% after the nation’s December CPI fell 0.70% YoY. Xiaomi Corp XIACF fell 3.1% on the domestic exchange.

India’s Nifty 50 index is trading up by 0.51%, with Tata Motors (NYSE: TTM) rallying 7.7% at press time. Tata Motors had announced securing 98 patents related to connected and electric vehicles

South Korea’s KOSPI advanced 1.49%. The nation’s PPI grew 0.7% MoM.

Europe: Euro Stoxx 50 is trading higher by 0.41% at publication time. The bloc’s December CPI fell 0.3% YoY, but Core CPI grew 0.2% YoY. European Central Bank’s interest rate decision is due later today.

London’s FTSE 100 is trading higher by 0.17% at press time, with initial trends and consumer confidence data in focus.

Germany’s DAX is up 0.40%. Automobile stocks are pushing the index up with Daimler AG (OTC: DDAIF) up 1.79% at press time.

France’s CAC 40 is trading marginally higher by 0.04%. Jan’s business survey index improved to 98. ArcelorMittal SA MT was the top gainer in Paris, up 1.57% at press time.

Spain’s IBEX 35 is trading higher by 0.18%. The nation’s trade balance data is due later today.

Forex Trading: U.S. Dollar Index futures are down 0.23% to 90.257. The dollar has weakened by 0.23% against the Euro, 0.49% against the Sterling Pound, 0.01% against the Japanese Yen, and 0.03% against the Chinese Yuan.

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.

Posted In: CryptocurrencyNewsPenny StocksEmerging MarketsEurozoneFuturesForexGlobalMarketsMediaCAC-40DAX indexeuroeuropean marketsFTSE 100global marketsHang Seng IndexIbex 35Japanese YenKospiNifty50Nikkei 225SSE Composite Index
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...