Market Overview

Global Markets Slip As Democrats Lead Georgina Senate Runoff

Global Markets Slip As Democrats Lead Georgina Senate Runoff

Major indices worldwide have slipped in tandem with U.S. futures as the Georgia Senate race gets too close to call. Democrat Raphael Warnock defeated Republican Sen. Kelly Loeffler in a close contest. The runoff between Republican David Perdue and Democrat Jon Ossoff is also close, and Democrats need to win it to control the Senate.

Democrat control of the House and the Senate is making the tech sector nervous. The tech-heavy Nasdaq 100 futures are down 2.11% on the last check Wednesday.

The Dow futures are down by 0.11%, and the S&P 500 futures are trading lower by 0.67%, on the last check Wednesday. WTI crude futures are down marginally by 0.06% to $49.90, while gold futures are up 0.16% at $1,957.50. Ten-year Treasury yield is higher by 4.5 basis points at 1.004%, breaking the 1% level after a long time. The VIX futures are up by 1.48% to 25.70.

Asia: Japan's Nikkei 225 fell 0.38% due to lockdown measures adopted to contain the surge in rising COVID-19 infections. The nation's December household confidence dipped to 31.8. Average earnings data is due later today.

China's Shanghai Composite gained 0.63% as a Democrat-controlled House and Senate are widely expected to mend the U.S.-China relationship. Its December services PMI fell to 56.3. 

Australia's S&P/ASX 200 fell 1.12%, driven by a fall in healthcare, technology, and consumer stocks. Trade balance and building approvals data are due later today.

India's Nifty 50 index is trading lower by 0.77% after December services PMI fell to 52.3, short of a 54 consensus. Technology and energy stocks are dragging the index lower.

South Korea's KOSPI closed 0.75% lower after hitting a record 3,000 for the first time in history

Europe: Euro Stoxx 50 is up 0.37% at press time in a volatile session after recovering for early loss. December's composite PMI expanded to 49.1 but missed the 49.8 consensuses. PPI numbers are due today.

London's FTSE 100 is up by 0.81%. Car registrations in December fell 10.9% YoY. Composite and services PMI data is due today.

Germany's DAX is trading higher by 0.18% at publication time after a volatile opening. Bank stocks lead the index higher, with Deutsche Bank (NYSE: DB) up 2.8% on Dax. The nation's December composite PMI expanded to 52, and services PMI expanded to 47, missing the consensus on both counts. CPI data is due today.

France's CAC 40 is up by 0.44% after December consumer confidence jumped to 95. The consumer price index grew 0.2% MoM.

Spain's IBEX 35 is rallying 0.95% at publication time after the nation's services PMI improved significantly to 48.

Forex Trading: U.S. Dollar Index futures are down 0.15% to 89.275. The dollar has weakened 0.32% against the Euro, 0.09% against the Sterling Pound, but strengthened 0.11% against the Japanese Yen, and 0.06% against the Chinese Yuan.

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


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