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© Reuters. A staff member of the Tokyo Stock Exchange (TSE) is seen in the empty trading space after the TSE temporarily suspended all operations due to system problems in Tokyo.
By Katanga Johnson
WASHINGTON (Reuters) – Asian stocks made early gains on Wednesday, following an overnight global rally in which the benchmark Dow Jones index broke 30,000 for the first time as investors cheered for a dramatically improved global outlook.
The main drivers of that exuberance were growing confidence that a COVID-19 vaccine would be ready soon and the formal start of US President-elect Joe Biden’s transition to the White House, ending weeks of political uncertainty. post-election.
As investors look to 2021, analysts say they are betting that the economic recovery will gather momentum and that upcoming virus vaccines will ease uncertainty and allow people to pack planes and fill up stadiums, restaurants and other worst-hit places. because of the crisis.
President Donald Trump’s apparent willingness to comply with the formal transfer of power also boosted investor sentiment, after weeks of legal challenges to the election results. The General Services Administration told Biden this week that he could formally begin the handover process.
Reports that Biden was planning to nominate former Federal Reserve chair Janet Yellen as Treasury secretary – a move that could shift focus greatly toward efforts to address growing economic inequality – also encouraged markets.
Australia’s rose 0.77% and 225 gained 1.16% in early trading. Hong Kong futures were up 0.24%.
E-mini futures were up 0.17% and MSCI’s broader Asia-Pacific equity index outside of Japan was up 0.36%.
“Sentiment is very hot as we reach the end of a cracker month for risk assets, so it makes one wonder if the market is starting to show signs of euphoria, and a small pullback is expected in the short term. term. term, “said IG Australia market analyst Kyle Rodda.
“But despite all the risks posed by the pandemic in the coming months … market participants seem happy to see it all and position themselves for a post-pandemic world.”
On Wall Street, he was up 1.54%, the S&P 500 was up 1.62% and the added was up 1.31%.
The pan-European index rose 0.91% and MSCI’s global stock indicator gained 0.08%. Emerging market equities were up 0.45%.
it is up more than 5% and has $ 20,000 in sight, and traders are expecting volatility in the future due in part to Thursday’s Thanksgiving holiday in US markets. Gold fell for the fifth session in six.
“Trading conditions are likely to be volatile for the rest of the week and cryptocurrency traders should expect $ 1,000 turnaround within minutes,” said Edward Moya, senior market analyst at OANDA in New York.
fell 0.18% to $ 44.83 a barrel and stood at $ 47.91, an increase of 4.02% on the day, while it fell 0.395%, under pressure from Yellen’s expected boost for the fiscal stimulus, analysts say.
The yield on the benchmark 10-year notes rose to 0.8848%, from 0.882% late Tuesday.
fell 0.1% to $ 1,806.36 an ounce.
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