News24
25 Nov 2020, 00:12 GMT+10
Stock markets mostly rose Tuesday as news that Donald Trump's team will now work with Joe Biden ahead of his inauguration built on optimism that vaccines could soon be rolled out around the world.
However, the mood on trading floors continues to be tinged by surging virus infections and deaths that have forced governments to impose or consider reimposing economically painful containment measures.
"Signs of movement in the US political deadlock have combined with the steady drip of vaccine news to underpin" stocks, commented Chris Beauchamp, chief market analyst at IG trading group.
Nearing the half-way mark in Europe, London's benchmark FTSE 100 index was up by 1.1%, with airlines boosted by news that England will loosen its quarantine rules for travellers from abroad.
Frankfurt's DAX 30 added 1.0%, as investors reacted also to data showing that Germany's economy grew by a better-than-expected 8.5% in the third quarter.
Earlier in Asia, Tokyo soared more than two percent as investors returned from a long weekend, while Sydney was more than 1% higher.
Singapore, Seoul, Mumbai, Wellington and Jakarta also chalked up healthy gains.
Hong Kong could only eke out a small rise after a local spike in coronavirus infections forced leaders to consider imposing fresh containment measures.
The dollar fell against the euro, pound and yen, while oil prices climbed.
Bitcoin traded above $19 000 for first time in almost three years, closing in on its all-time high of just under $20 000.
Biden transition
Late Monday, Trump eased some lingering post-election uncertainty by saying the agency that works with incoming administrations would now work to assist Biden's team.
While the broad consensus has been that Trump would eventually admit defeat, there have been concerns about his refusal to allow Biden to begin work on pandemic response measures and national security matters.
The news came as Biden tipped former Federal Reserve boss Janet Yellen for Treasury Secretary, a move welcomed by traders.
The pairing of Yellen and current Fed chief Jerome Powell "is an exceptionally dovish combination", said Axi strategist Stephen Innes.
"Both have the same views on jobs; they have witnessed policy mistakes like taper tantrum and gnarly market impacts of early rate hikes.
"There will be a mutual agreement for lower for a very, very long time. And that cohesion will be good for the market in general," Innes added.
Rising virus infections
Wall Street indices rose on Monday, helped in part by data that showed a forecast-beating rise in activity in both the US services and factory sectors in November.
But while the long-term outlook brightens, countries from the US, across Europe and increasingly in Asia are reporting a rise in infections. And with the northern hemisphere winter approaching there are warnings of worse to come.
"Sadly, the next few months are likely to see the worst of the pandemic in cases and fatalities," noted David Kelly of JP Morgan Asset Management.
Kelly warned the US economy faced further pain if lawmakers did not agree on a new stimulus soon, with Republicans refusing to give way to Democrat demands for a multi-billion-dollar package.
Get a daily dose of Broadcast Communications news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Broadcast Communications.
More InformationU.S. stocks rose on Tuesday, the last day of Donald Trump's presidency.It was a fitting farewell as numerous records were ...
DUBLIN, Ireland - Five additional Irish ports for UK registered Northern Ireland vessel landings have been designated for both IUU ...
SYDNEY, NSW, Australia - Stocks in Asia were hot on Tuesday, although mainland China was running against the trend.In Hong ...
SYDNEY, NSW, Australia - The Australian metropolitan commercial radio audience grew by 2% to nearly 11.1 million listeners in 2020, ...
NEW YORK, New York - According to futures trading, U.S. stocks are likely to sink further when they re-open on ...
WASHINGTON, DC - Tech giant, Apple might finally be getting rid of Touch Bar from its next rendition of the ...
SYDNEY, NSW, Australia - The Australian metropolitan commercial radio audience grew by 2% to nearly 11.1 million listeners in 2020, ...
Hall of Fame pitcher and Los Angeles Dodgers great Don Sutton has died at the age of 75, his family ...
New Delhi [India], January 19 (ANI): Union Information and Broadcasting Minister Prakash Javadekar took a swipe at the Congress party ...
Two Spanish footballers were sentenced to two years imprisonment on Tuesday for broadcasting a sex tape with a woman on ...
New Delhi [India], January 19 (ANI): 'Tandav' creator Ali Abbas Zafar on Tuesday revealed that the cast and crew of ...
Hyderabad (Telangana) [India], January 19 (ANI/NewsVoir): Nord Anglia Education, the world's leading premium international school's organisation, today announced that Simon ...