Global Markets Rally As Biden Takes Office, Dollar Softens, Bitcoin Falls To $33.2K

Major indices worldwide traded higher on Thursday as President Joe Biden taking office on Wednesday restored investor optimism of a more significant stimulus.

Futures: The Dow futures are up by 0.15%, and the S&P 500 futures are trading higher by 0.24% on the last check Thursday. WTI crude futures are down by 0.41% to $53.09, while gold futures are trading higher by 0.16% at $1,869.50. Ten-year Treasury yield is down 1.3 bps at 1.077% (SPTL). The VIX futures (VIX) are down by 0.30% to 24.70.

Cryptocurrency: Bitcoin (BITCOMP) is trading lower by 5.92% at $33,243.98 on the last check, and Ethereum (ETH-X) is down 4.58% at $1,286.90. Fundstrat Global Advisors strategist David Grider sees Ethereum hitting $10,500. Several other cryptocurrencies gained despite a slump in Bitcoin.

Asia: Japan’s Nikkei 225 closed higher by 0.82%. The nation’s December trade balance surplus narrowed to ¥480 billion, with exports growing 2% year-over-year. Technology stocks gained in Tokyo, partially offset by a dip in bank stocks. CPI and PMI data are due later today.

China’s Shanghai Composite advanced 1.07%, as traders hope for a better U.S.-China relationship under Biden. Technology, materials, and healthcare stocks led the index gains.

Australia’s S&P/ASX 200 closed higher by 0.79% as the December unemployment rate of 6.6% came in lower than expected. Consumer, finance, and tech stocks drove the index gains. Retail sales and PMI data are due later today.

Hong Kong’s Hang Seng closed marginally lower by 0.07% after the nation’s December CPI fell 0.70% YoY. Xiaomi Corp (XIACF) fell 3.1% on the domestic exchange.

India’s Nifty 50 index is trading up by 0.51%, with Tata Motors (TTM) rallying 7.7% at press time. Tata Motors had announced securing 98 patents related to connected and electric vehicles

South Korea’s KOSPI advanced 1.49%. The nation’s PPI grew 0.7% MoM.

1 2
View single page >> |

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.