Market Overview

Global Markets Rise After S&P 500 Hits Record Close

Global Markets Rise After S&P 500 Hits Record Close

Major indices worldwide are up on Wednesday, taking cues from S&P 500's record close above 3,700 for the first time. 

The Dow and the S&P 500 futures are up by 0.16% and 0.12%, respectively, on the last check Wednesday. Brent crude futures are trading higher by 0.51% to $49.09, while gold futures are down by 0.65% to $1,862.80. Ten-year Treasury yield is up by 2.6 basis points to 0.939%.

Asia: Japan's Nikkei 225 gained 1.33%, closing at a 30-year high, after Japan's machinery orders jumped 17.1% month-over-month and 2.8% year-over-year in October. Manufacturing conditions, foreign bond-buying, and PPI data are due to release later today.

China's Shanghai Composite benchmark fell 1.2%, down for the third straight day on concerns of strain in the U.S.- China relationship. The country's consumer price index for November fell 0.6% MoM and 0.5% YoY, missing consensus on both counts. The producer price index fell 1.5% YoY, a less-than-expected 1.8% fall. In November, China issued new loans of CNY 1.43 trillion (roughly $218.7 billion) and its outstanding loans grew 12.8% YoY.

Hong Kong's Hang Seng Index gained 0.81%, after falling for two days, driven by financials and healthcare stocks.

Australia's S&P/ASX 200 closed higher by 0.61%, up for the seventh consecutive session on upbeat economic recovery. The continent's building approvals in October grew 3.8% MoM. Inflation expectations and business survey data are due later today.

India's Nifty 50 index is up 1.07% at press time, on-track for the seventh straight session of gains, in hopes of vaccine approvals and economic recovery.

South Korea's KOSPI gained 2.02% to close on a record high, led by Samsung Electronics Co Ltd (OTC: SSNLF) gaining 3.07% for a record high.

Europe: Euro Stoxx 50 is up by 0.85% at press time, after the bloc's Q3 GDP rose 12.5% QoQ but fell 4.3% YoY. Q3 employment gained 1% QoQ but fell 2.3% YoY. The economic sentiment for December improved massively to 54.4, compared to a consensus of 37.5.

London's FTSE 100 is up by 0.89%. Germany's DAX gained 1.12% at publication time after the nation's economic sentiment index for December improved significantly to 55. Germany's October trade balance surplus swelled to €18.2 billion, from €17.6 billion last month, as exports grew by 0.8% MoM.

France's CAC 40 and Spain's IBEX 35 advanced 0.65% in Wednesday's early trade.

Forex Trading: U.S. Dollar Index futures fell 0.24% to 90.752. The dollar has weakened 0.26% against the Euro to $1.2132, lost 0.52% against the Sterling Pound at $1.3422, but gained 0.04% against the Japanese Yen at ¥104.19.

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


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