Most Asian stocks climbed and U.S. equity futures edged up as traders weighed concerns about the impact of rising coronavirus cases and braced for key U.S. runoff elections. The dollar fell and gold held gains.
South Korean shares outperformed Tuesday. Hong Kong and China also advanced, as the New York Stock Exchange’s decision to scrap a plan to delist three big Chinese telecommunication companies bolstered sentiment. China’s CSI 300 Index closed above its 2015 bubble peak.
S&P 500 contracts ticked higher after the benchmark suffered its worst drop at the start of a year since 2016. European futures slipped and Treasuries were steady. The pound recouped some of the losses sparked by England’s lockdown.
In a surprise U-turn, the NYSE backtracked on a plan that had threatened to escalate tensions between the world’s largest economies. The three telecom firms, China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd., rallied. The offshore yuan strengthened before paring some of the advance.
Tuesday’s runoff elections in Georgia are set to determine whether Democrats take effective control of Congress, which could boost their ability to implement President-elect Joe Biden’s agenda. Traders are weighing scenarios such as the possibility of greater U.S. fiscal stimulus, higher taxes and more regulation if such a “blue wave” materializes.
Meanwhile, global coronavirus infections topped 85.6 million and deaths exceeded 1.85 million. Those numbers, coupled with increasing cases of a faster-spreading variant, are tempering some of the enthusiasm sparked by the rollout of vaccines.
“The first quarter will no doubt be tough; the spread has been horrific throughout the festive period and restrictions are being tightened and extended,” said Craig Erlam, senior market analyst at Oanda. “The toll on the economy will be significant but, thanks to the vaccine, consigned mostly to the first quarter. The light at the end of the tunnel is there for all to see and it grows brighter by the week.”
Elsewhere, oil remained lower as OPEC+ talks were unexpectedly suspended due to a disagreement over whether to raise output in February. Bitcoin steadied following a plunge of as much as 17% on Monday.
What to watch this week:
- On Tuesday, the state of Georgia holds a run-off election for two U.S. Senate seats that will decide control of the chamber.
- U.S. Congress meets to count electoral votes and declare the winner of the 2020 Presidential election Wednesday.
- FOMC minutes out Wednesday.
- U.S. unemployment report for December is due Friday.
These are some of the main moves in markets:
Stocks
- S&P 500 futures rose 0.1% as of 7:05 a.m. in London. The S&P 500 decreased 1.5%.
- Japan’s Topix index fell 0.2%.
- Australia’s S&P/ASX 200 Index dropped less than 0.1%.
- South Korea’s Kospi index rose 1.6%.
- Shanghai Composite added 0.7%.
- Hong Kong’s Hang Seng Index rose 0.6%.
Currencies
- The yen advanced 0.2% to 102.94 per dollar.
- The offshore yuan was at 6.4408 per dollar, up 0.1%
- The Bloomberg Dollar Spot Index declined 0.2%.
- The euro added 0.1% to $1.2265.
- The pound climbed 0.2% to $1.3598.
Bonds
- The yield on 10-year Treasuries climbed about one basis point to 0.92%.
- Australia’s 10-year bond yield fell about four basis points to 0.98%.
Commodities
- West Texas Intermediate crude dipped 0.3% to $47.46 a barrel.
- Gold fell 0.2% to $1,939.45 an ounce.
— With assistance by Rita Nazareth, Vildana Hajric, and Eric Lam
"Market" - Google News
January 05, 2021 at 04:57AM
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Stock Market Today: Dow, S&P Live Updates for Jan. 5, 2021 - Bloomberg
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