(Bloomberg) -- U.S. and European equity futures climbed along with Asian shares as investors took some comfort from further stimulus bill negotiations and the impending deployment of the first vaccine in the U.S. The pound advanced after Brexit talks were extended past a Sunday deadline.
S&P 500 futures gained about 0.5%, with the first deliveries of the Pfizer Inc.-BioNTech SE vaccine in the U.S. due to arrive Monday morning. Meantime, a bipartisan group of lawmakers will unveil a $908 billion pandemic relief bill the same day, although there is “no guarantee” Congress will pass it, a key negotiator said. The dollar dipped and Treasury yields were steady.
Sterling pared some early gains but remained firmer against the dollar. The U.K. and European Union said they will continue talking about a trade agreement, raising hopes of a deal. In Asia, improving business confidence helped Japanese stocks rally to a more than two-year high earlier Monday. Elsewhere, the offshore yuan outperformed.
Risk assets have begun the week positively, with global stocks looking to recover after their first week of losses in six. U.S. lawmakers remain deadlocked in talks over further stimulus and the coronavirus continues to spread. While both sides are closer than ever to agreeing on a price tag -- coalescing around a $900 billion figure -- there’s no sign they can get a deal anytime soon.
The vaccine “is giving markets the ability to look past the valley,” Andy Kapyrin, partner and director of research at Regentatlantic Capital LLC, said on Bloomberg TV. “Stocks pose a reasonable value proposition” relative to bonds, he said.
West Texas Intermediate crude oil approached $47 a barrel amid optimism for a recovery in fuel demand.
On the virus front, the head of the U.S. government’s vaccination drive said as much as 80% of the population could be given the shot by next summer, putting “herd immunity” within reach. In Germany, a hard lockdown is due from Wednesday.
Here are some key events coming up:
Tuesday brings China industrial production and retail sales data for November.The Federal Reserve meets Tuesday and Wednesday, with markets widely expecting fresh guidance on its continued asset purchases.Policy decisions from the Bank of England and central banks in Mexico, Switzerland and Indonesia are due Thursday. Japan and Russia announce decisions Friday.
These are the main moves in markets:
Stocks
S&P 500 futures rose 0.5% as of 2:03 p.m. in Tokyo. The gauge fell 0.1% on Friday.Japan’s Topix index advanced 0.8%.Hong Kong’s Hang Seng dipped 0.4%.South Korea’s Kospi index shed 0.3%.Shanghai Composite index climbed 0.3%.Euro Stoxx 50 futures advanced 0.4%.
Currencies
The Bloomberg Dollar Spot Index fell 0.2%.The yen was at 104.04 per dollar.The offshore yuan climbed 0.3% to 6.5236 per dollar.The pound rose 0.7% to $1.3314.The euro bought $1.2133, up 0.2%.
Bonds
The yield on 10-year Treasuries was at 0.90%.Australia’s 10-year yield fell two basis points to 0.96%.
Commodities
West Texas Intermediate crude added 0.7% to $46.88 a barrel.Gold fell 0.3% to $1,835.30 an ounce.
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