Asian equities traded a touch higher with U.S. and European futures on Tuesday after stocks on Wall Street fell for the first time in five sessions with prices near all-time highs. The dollar reversed an early gain as Treasury yields steadied near their highest since March.
Shares in China and Hong Kong led the advance, while those in South Korea finished well above intraday lows. Malaysia’s stocks and currency fell after it declared a state of emergency to help fight a jump in coronavirus cases. Bitcoin rebounded after dropping as much as 20% on Monday. Gold halted a losing run, and West Texas Intermediate oil held above $52 a barrel.
With 10-year Treasury yields at about 1.15%, investors are assessing potential risks to the current environment of easy financial conditions and how that could reset expectations for a range of asset classes. Yields have risen on bets that Democratic lawmakers will enact big spending packages to drive the economic recovery out the pandemic.
Worries that equities are running too hot when major parts of the world are grappling with the worst of the Covid-19 outbreak are also weighing on the minds of investors.
“A new, more speculative, more volatile phase of the bull market has begun,” said Julian Emanuel, chief equity and derivatives strategist at BTIG LLC. “The depth of any such pullbacks in 2021 is largely dependent on yields.”
Twitter Inc. fell after the social media platform permanently banned President Donald Trump after a mob invaded the Capitol building last week. Shares of Facebook Inc., which suspended Trump’s account, also declined.
House Democrats Monday introduced a resolution to impeach Trump for a second time, setting up a vote this week unless Vice President Mike Pence uses his constitutional authority to remove the president.
Savita Subramanian, Bank of America head of U.S. equities and quantitative strategy, talks about how a Democratic controlled Washington could impact markets and equities.
Source: Bloomberg
Here are some key events coming up:
These are some of the main moves in markets:
Stocks
- S&P 500 futures were up 0.1% as of 3:38 p.m. in Tokyo. The S&P 500 index fell 0.7%.
- Japan’s Topix added 0.2%.
- Australia’s S&P/ASX 200 shed 0.3%.
- Hong Kong’s Hang Seng added 1.0%.
- Shanghai Composite rose 1.9%.
- South Korea’s Kospi slid 0.7%.
Currencies
- The Bloomberg Dollar Spot Index was down 0.1%.
- The yen was 0.1% higher at 104.21 per dollar.
- The euro was steady at $1.2154.
- The pound was up 0.2% at $1.3550.
- The offshore yuan was 0.3% higher at 6.4580 per dollar.
Bonds
- The yield on 10-year Treasuries was at 1.15%.
Commodities
- West Texas Intermediate crude rose 0.5% to $52.87 a barrel.
- Gold rose 0.7% to $1,857 an ounce.
— With assistance by Vildana Hajric
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January 12, 2021 at 05:14AM
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Stock Market Today: Dow, S&P Live Updates for Jan. 12, 2021 - Bloomberg
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