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Global markets pause for breath, awaiting fresh news

December 3, 2020 03:57
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    Investors cautiously digest economic data

    Investors cautiously digest economic data

    Investors stay depressed after heavy losses

    Investors stay depressed after heavy losses

    Equity markets mostly depressed

    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

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    Dollar buoyed by risk aversion

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    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

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    Dollar buoyed by risk aversion

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Home » Global markets pause for breath, awaiting fresh news

Global markets pause for breath, awaiting fresh news

by Stephen Soo
December 3, 2020 03:57
in Fundamental analysis
0
bankofcanada

Most equities little changed, dollar keeps bleeding 

US stocks erased early losses and closed higher on Wednesday as investors focused on hopes that another round of fiscal stimulus is imminent. Democratic leaders embraced a bipartisan stimulus deal that would include up to $908 billion in funding for various initiatives. Both President Donald Trump and President-elect Joe Biden have said they support another stimulus deal.

On the negative side, the ADP report showed that private payrolls rose by 307,000 in November, the lowest number since July, versus 475,000 expected, compared to the 365,000 added in October. As a result, the Dow Jones Industrial Average climbed 0.2%, the Nasdaq Composite dipped 0.1% to 12,349.37, and the S&P 500 gained 0.12%.

In Asia, stocks were mostly higher on Thursday, helped by progress toward rolling out coronavirus vaccines and talk of reaching a compromise on new help for the U.S. economy. MSCI’s broadest index of Asia-Pacific shares outside of Japan was barely changed following two straight days of gains. Hong Kong’s Hang Seng edged 0.6% higher and the Nikkei 225 in Tokyo shed 0.20%. South Korea’s Kospi added 0.30% and the S&P/ASX 200 in Australia picked up 0.49%. The Shanghai Composite index shed 0.15%.

European equities opened in a mixed mode as global markets paused for breath after the rally, awaiting fresh economic news as well as vaccine and stimulus developments. The pan-European Stoxx 600 edged marginally below the flatline in early trade, with tech stocks leading the gains. US stock index futures were flat as well.

Despite the oversold conditions, the dollar slipped further to start the European session on Thursday, with EURUSD climbing to fresh long-term tops around 1.2140 in recent trading. At the time of writing, the pair was changing hands just below 1.2130, signaling its readiness to extend the rally after a breath. If so, the prices could target the 1.2185 resistance next.

Tags: Donald TrumpDOW JONESEURUSDHang SengJoe BidenNasdaqNikkei
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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