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Sentiment in the market today turned positive when there was no further uncertainty about the stimulus package and the risk of the US government shutdown.
Markets surged today when US President Donald Trump signed a $ 2.3 billion Covid-19 bailout and spending bill, withdrawing his earlier threat to block the bill. The spending package will return unemployment benefits to millions of Americans and prevent the United States government from shutting down for running out of budget.
“When the pandemic still shows no signs of cooling down, urgent relief is needed to prevent the economy from slowing down rapidly,” said Nobuhiko Kuramochi, market strategist at Mizuho Securities. This year is going to be very chaotic. “
The S&P futures rose 0.6% in the first session after the Christmas holidays, close to the record set last week. European stocks opened this afternoon were also up. The CAC 40 index (France) increased 0.9%. Dax (Germany) increased 1.43%. European general-tracking stocks Stoxx600 rose 0.6%.
In Asia, the Nikkei 225 (Japan) was up 0.74% today. Kospi (South Korea) increased by 0.065. Composite of Shanghai (China) at 0.02%. The MSCI Asia-Pacific Index increased 0.2%. However, trading was quite slow as many markets were still closed today.
“The positive for the markets is that we are no longer subject to the volatility of the stimulus and the risk of partial government shutdowns,” said Masahiro Ichikawa, chief strategist at Sumitomo Mitsui DS Asset Management. But on the other hand, markets have been mentioning this stimulus for a long time. I think a lot of the expectations for this package have been reflected in the recent rallies. “
The 10-year US government bond yield increased 1.5% to 0.945%. Meanwhile, the prices of major currencies, such as the US dollar, euro, pound and yen, were virtually unchanged. The US dollar is expected to continue under pressure against risk currencies as investors gamble on the possibility that the global economy will continue to recover and the US will loosen its currency for a long time.
The gold market is more active today, when each ounce of gold for immediate delivery this morning has a time to reach $ 1,900, an increase of more than $ 20 compared to last week. However, the price has now dropped to $ 1,883.
Bitcoin last afternoon hit a new high of $ 28,377 per coin, then gradually fell to the current $ 26,800. Brent and WTI crude oil prices have risen 1.4% year-on-year, to $ 52 and $ 49 a barrel, respectively.
Ha Thu (Theo Reuters, Bloomberg)
