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Stock markets see some stability after a sell-off

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December 22, 2020 09:10
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Home » Stock markets see some stability after a sell-off

Stock markets see some stability after a sell-off

by Stephen Soo
December 22, 2020 09:10
in Fundamental analysis
0
Stock markets see some stability after a sell-off

Gains in equities will likely be limited as investors keep a more cautious tone amid recent developments


US stocks and Treasury yields fell on Monday, as investors expressed concerns over the outlook for the economy amid the news about a new coronavirus strain that overshadowed the news of a second pandemic relief bill agreed in Washington on Sunday. As a result, the S&P 500 fell 0.39%, the Dow Jones rose 0.12%, and the Nasdaq Composite slipped 0.10%. 


Today in Asia, stocks extended losses amid fears a new strain of COVID-19 could lead to a slower global economic recovery after countries across the globe shut their borders to Britain due to fears about a new strain of coronavirus. As such, MSCI’s gauge of Asia Pacific stocks outside Japan fell 0.75%. Tokyo’s Nikkei 225 fell 1.04%, Hong Kong’s Hang Seng lost 0.75%, the Shanghai Composite index dipped nearly 2%, while Australia’s S&P/ASX 200 gave up 1.05%. 


Following yesterday’s decline, European stock markets found some stability to start the day on Tuesday as the risk-on tone seems to be improving somewhat. At the same time, gains in equities will likely be limited as investors keep a more cautious tone amid recent developments. The pan-European Stoxx 600 traded up 0.7% in early morning deals, with Germany’s DAX index rising nearly 1%. 


Meanwhile, the dollar is back on the offensive but still lacks the upside momentum to see a more robust recovery as the risk-off tone has been waning gradually. EURUSD was trying to hold above the 1.2200 figure at the time of writing, down nearly 0.30% on the day. The key support is represented by the ascending 20-DMA that arrives marginally above the 1.2100 figure. 


Elsewhere, gold prices are back under pressure following a failed attempt to break above the 100-DMA on Monday. As a result, the precious metal retreated back below the $1,900 handle while holding above the $1,865 area during the European hours on Tuesday. If the pressure intensifies any time soon, the bullion could threaten the $1,855 region in the short term. 

Tags: Covid-19EURUSDNikkei
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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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