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Global Markets Today: Asia, Europe Continue Downward Trajectory Over US COVID-19 Relief Bill Uncertainty

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Global Markets Today: Asia, Europe Continue Downward Trajectory Over US COVID-19 Relief Bill Uncertainty

The debate over the upcoming U.S. COVID-19 relief bill has become a sticking point for investors. The market doesn't like uncertainty, and global indices are reacting by declining.

The Dow and the S&P500 futures are down by 0.32% each on the last check Tuesday. Brent crude futures are down 0.92% at $48.34, while gold futures have gained 0.20% to $1,869.70. Ten-year Treasury yield is down by 0.4 bps at 0.924%.

Asia: Japan's Nikkei 225 lost 0.30%, down for the third consecutive session. Japan's October household spending grew 2.1% month-over-month, but the year-over-year 1.9% growth missed the consensus.

Japan's overall wage in October fell 0.8%, and the overtime pay fell 11.7% YoY. Japan's third-quarter GDP showed solid growth at 5.3% QoQ and 22.9% YoY, handsomely beating consensus. Bank lending in November grew 6.3% YoY, and private consumption rose 5.1% QoQ. Core machinery orders data is due today.

China's Shanghai Composite benchmark fell 0.19% as U.S. sanctions weighed on the market sentiment. China's USD forex reserves swelled to $3.178 trillion. CPI and PPI data for November is due later today.

Hong Kong's Hang Seng Index declined 0.73%, driven by a fall in financial stocks as the U.S. imposed financial sanctions. 

Australia's S&P/ASX 200 advanced 0.19% on Tuesday, up for the sixth consecutive session as the business confidence index for November jumped to 12. Australia's Q3 house price index grew by 0.8% QoQ. 

India's Nifty 50 index is trading higher by 0.34% at press time, up for the sixth straight session hitting record highs. South Korea's KOSPI fell 1.62% on rising coronavirus infections.

Europe: Euro Stoxx 50 is down by 0.07% at press time. The Sentix Investor Confidence for December fell by 2.7, better than the expected fall of 8.3. The bloc has a busy economic calendar for Tuesday with GDP, unemployment, and Economic sentiment data scheduled for release.

London's FTSE 100 is trading lower by 0.23%, breaking its five-day winning streak. November retail sales grew by 7.7% YoY. 

Germany's DAX is down by 0.08% at publication time, led by a fall in chemicals and software stocks. Germany's December economic sentiment data is due later today.

France's CAC 40 slipped 0.08% after France's October trade balance deficit narrowed to £4.9 billion, much lower than the expected £6.3 billion deficit. The nation's Q3 non-farm payrolls grew 1.6% QoQ.

Spain's IBEX 35 is down by 0.39% in early trade, driven lower by consumer, technology, and metal shares.

Forex Trading: U.S. Dollar Index futures are trading higher by 0.10% at 90.877. The dollar has lost 0.05% against the Euro to $1.2114, strengthened 0.26% against the Sterling Pound to $1.3341, and gained 0.01% against the Japanese Yen at ¥104.08.

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

 

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