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(Nov 25): A rally in global equities appeared to be poised to spread to Asia on Wednesday after US stocks rose to new records. Treasury bonds fell against the dollar.
The S&P 500 Index closed at an all-time high and the Dow Jones Industrial Average passed 30,000 for the first time as cash flowed into cyclical sectors. Helping the sentiment was the formal beginning of President-elect Joe Biden’s transition, a clearer sense of what his Treasury Department will hold in political preferences after he nominated Janet Yellen for office and a promising third vaccine candidate. . The yield curve on Treasuries steepened. Gold fell to $ 1,800 an ounce and oil soared.
Positive vaccine news has fueled optimism that the global economic recovery may continue despite more worrying news on the virus front, with a surge in cases and more U.S. states enacting restrictions ahead of the Action holiday. thanks. Next Wednesday comes a host of American economic indicators, from jobless claims to readings on consumer confidence and personal income.
“Looking three to six months from now, we believe the recovery will maintain its momentum,” Anna Han, equity strategist at Wells Fargo Securities LLC, told Bloomberg TV. “When you see reflation trading coming back, it tells you that investors are gaining confidence in the growth prospects going forward.”
Elsewhere, Bitcoin surged to a three-year high, topping $ 19,000 while approaching a record high.
Here are some key events to come:
The minutes of the most recent meeting of the Federal Open Market Committee are due Wednesday.
Unemployment claims, GDP and personal spending data for the United States are released on Wednesday.
The UK Chancellor of the Exchequer will present the spending plan on Wednesday.
Thursday sees a political decision and briefing from the Bank of Korea.
The United States celebrates Thanksgiving on Thursday.
The week ends with Black Friday, the traditional start of the holiday shopping season in America.
These are the main movements in the markets:
Stocks
The S&P 500 Index rose 1.6%.
Japan’s Nikkei 225 futures advanced 1%.
Hang Seng futures were up 0.2%.
Australia’s S & P / ASX 200 Index futures were up 0.6%.
Coins
The Bloomberg Dollar Spot Index fell 0.4%.
The euro bought $ 1.1891.
The yen was at 104.47 to the dollar.
The offshore yuan was trading at 6.5774 to the dollar.
Captivity
The 10-year Treasury yield rose three basis points to 0.88%.
Raw Materials
West Texas Intermediate crude rose 4.2% to $ 44.84 a barrel.
Gold fell 1.7% to $ 1,806.39 an ounce.
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