Market Overview

COVID-19 Vaccine Hopes, Biden Transition Send Global Markets Higher

COVID-19 Vaccine Hopes, Biden Transition Send Global Markets Higher

Global markets are witnessing investor frenzy on Tuesday on hopes of a COVID-19 vaccine rollout and a smooth transition of President-elect Joe Biden. The Dow futures are trading higher by 0.86%, and the S&P 500 futures are up by 0.75% on the last check Tuesday. WTI crude oil futures are higher by 1.02% at $43.50, while gold futures are down by 0.58% at $1,827.20. Ten-Year Treasury yields are up by 1.3 basis points to 0.872%.

Asia: Japan's Nikkei 225 rallied 2.50% to close at multi-year highs, driven by considerable gains in financial, real estate, mining, and services stocks. Bank of Japan Governor Haruhiko Kuroda is due to speak later today.

China's Shanghai Composite benchmark closed lower by 0.34% on profit-taking. Gains in energy and technology shares were more than offset by a decline in financial and consumer stocks.

Hong Kong's Hang Seng Index was up by 0.29%. The nation's trade balance data is due later today.

Australia's S&P/ASX 200 advanced 1.26%, closing near a nine-month high. Third-quarter construction data is scheduled to release today.

India's Nifty 50 index is trading higher by 1.06% at press time, led by automobile, pharma, realty, and services stocks. 

South Korea's KOSPI closed higher by 0.58% after the consumer confidence index for November improved significantly to 97.9.

Europe: Euro Stoxx 50 is trading higher by 0.97% at press time Tuesday. November's Manufacturing PMI ticker dropped lower to 53.6, beating the consensus of 53.1, while Services PMI declined to 41.3, much lower than expected. European Central Bank President Christine Lagarde is scheduled to speak later today.

London's FTSE 100 index is up by 0.65%, after Britain's manufacturing activity improved in November to 55.2 but services activity dipped to 41.3. Investors will be watching Steel Production data for October and the Autumn Budget, which is tentatively scheduled today.

Germany's DAX has advanced by 0.80 at publication time Tuesday, after its manufacturing activity PMI came in at 57.9, much higher than expected. The country's Q3 GDP improved 8.5% quarter-over-quarter but fell 3.9% year-over-year, beating consensus on both counts. The German Ifo Business Climate Index for November is 90.7, higher than the expected 90.1.

France's CAC 40 has rallied 1% in Tuesday's opening trade. The nation's manufacturing activity contracted to 49.1 in November, higher than the expected contraction to 50.1. France's November Business Survey Index of 92 beat the consensus of 91, though it fell from 94 in October.

Spain's IBEX 35 is up by 1.18%, led by gains in financial, energy, and consumer shares.

Forex Trading: U.S. Dollar Index futures are down by 0.30% at 92.231. The dollar has weakened by 0.29% against the Euro to $1.1874, down 0.41% against the Sterling Pound to $1.3377, and lost 0.22% against the Japanese Yen to ¥104.32, 0.15% against the Chinese Yuan to CNY 5.5754.

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


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