Global Markets Start Week On Positive Note, Ethereum Rally In Focus

Major indices worldwide rose on Monday with President Biden’s proposed $1.9 trillion stimulus package in focus. Lawmakers from both parties are lobbying for a targeted relief bill.

Futures: The Dow futures are up by 0.13%, and the S&P 500 futures are trading higher by 0.31% on the last check Monday. WTI crude futures are up by 0.63% to $52.60, while gold futures are trading lower by 0.24% at $1,851.80. Ten-year Treasury yield is flat at 1.091%. The VIX futures are down by 1.71% to 24.45. 

Cryptocurrency: Bitcoin is trading higher by 1.7% at $33,264 on the last check, and Ethereum is up 4.83% at $1,408.45. Ethereum hit an all-time high of $1,480, and several other decentralized finance-based cryptocurrencies hit their all-time highs late Sunday in tandem.

Asia: Japan’s Nikkei 225 closed higher by 0.67%, driven by pharma and power stocks. Bank of Japan’s policy-setting meeting minutes is due to release today.

China’s Shanghai Composite index gained 0.48%, as China overtook the U.S. as the world’s leading destination for foreign direct investment. Consumer and material stocks drove the index higher.

Australia’s S&P/ASX 200 closed higher by 0.36%, as Australia’s Therapeutic Goods Administration approved the COVID-19 vaccine made by Pfizer Inc PFE and its partner BioNTech SE BNTX.

Hong Kong’s Hang Seng rallied 2.41%, led by mainland investor buying. Tech stocks saw the most buying, with Tencent Holdings TCEHY leading the pack gaining 10.93%, followed by Geely Automobile Holding GELYY rising 5.6%.

India’s Nifty 50 index is trading lower by 0.53%, driven by a fall in energy and infrastructure stocks.

South Korea’s KOSPI rallied 2.18% as consumer and tech stock gains pushed the index higher. The nation’s Q4 GDP is due to release today.

Europe: Euro Stoxx 50 is trading marginally higher by 0.05% at press time, with European Central Bank (ECB) President Christine Lagarde’s speech in focus. 

London’s FTSE 100 is trading lower by 0.07% at publication time. Airline stocks fell on Monday, with International Consolidated Airlines Group ICAGY shedding 6.9% on the last check.

Germany’s DAX is down by 0.05% at press time after starting the day in the green. The nation’s business climate index for January fell to 90.1, missing the consensus of 91.8.

France’s CAC 40 is trading down by 0.22%, led by financials and industrial stocks. Airbus SE EADSY is down 2.4% in Paris on the last check.

Spain’s IBEX 35 is down 0.52% at publication time.

Forex Trading: U.S. Dollar Index futures are up 0.04% to 90.248. The dollar has strengthened by 0.10% against the Euro, 0.07% against the Sterling Pound, and 0.02% against the Japanese Yen, but lost 0.02% against the Chinese Yuan.

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