European stocks fluctuated with U.S. equity futures as traders weighed concerns about the impact of rising coronavirus cases and braced for key U.S. runoff elections. The dollar fell and gold held Monday’s gains.
Energy firms and retailers led the Stoxx 600 Index as the U.K. went back into lockdown in an attempt to prevent hospitals being overwhelmed. Next Plc surged 8% after holiday sales beat the company’s October guidance. S&P 500 contracts drifted after the benchmark suffered its worst drop at the start of a year since 2016, while Treasuries edged lower.
Shares in Hong Kong and China were bolstered by the New York Stock Exchange’s surprise decision to scrap a plan to delist three big Chinese telecommunication companies. China’s CSI 300 Index closed above its 2015 bubble peak.
Tuesday’s run-off elections for two U.S. Senate seats in Georgia are set to determine whether Democrats take effective control of Congress, which could boost their ability to implement President-elect Joe Biden’s agenda. Traders are weighing scenarios such as the possibility of greater U.S. fiscal stimulus, higher taxes and more regulation if such a “blue wave” materializes.
“The Biden reflation trade could be back on,” ING Groep NV strategists led by Padhraic Garvey wrote in a note. “If granted greater power by a double Democratic victory today, the likelihood of the Biden administration enacting pro-growth policies, be it additional funding to vaccination programmes, fiscal support to households, and government investment, will rise.”
Oil was steady as OPEC+ talks were unexpectedly suspended due to a disagreement over whether to raise output in February. Bitcoin steadied following a plunge of as much as 17% on Monday.
What to watch this week:
- On Tuesday, the state of Georgia holds a run-off election for two U.S. Senate seats that will decide control of the chamber.
- U.S. Congress meets to count electoral votes and declare the winner of the 2020 Presidential election Wednesday.
- FOMC minutes out Wednesday.
- U.S. unemployment report for December is due Friday.
The New York Stock Exchange says it no longer plans to delist Chinese telco giants.
Markets: Asia. (Source: Bloomberg)
These are some of the main moves in markets:
Stocks
- Futures on the S&P 500 Index were unchanged as of 8:50 a.m. London time.
- The Stoxx Europe 600 Index dipped 0.2%.
- The MSCI Asia Pacific Index rose 0.5%.
- The MSCI Emerging Market Index gained 0.4%.
Currencies
- The Bloomberg Dollar Spot Index fell 0.1%.
- The euro rose 0.2% to $1.2271.
- The British pound dipped 0.1% to $1.356.
- The onshore yuan weakened 0.1% to 6.466 per dollar.
- The Japanese yen strengthened 0.2% to 102.93 per dollar.
Bonds
- The yield on 10-year Treasuries increased one basis point to 0.93%.
- The yield on two-year Treasuries gained less than one basis point to 0.12%.
- Germany’s 10-year yield increased one basis point to -0.59%.
- Britain’s 10-year yield climbed one basis point to 0.182%.
- Japan’s 10-year yield decreased one basis point to 0.011%.
Commodities
- West Texas Intermediate crude was little changed at $47.61 a barrel.
- Brent crude declined 0.2% to $51 a barrel.
- Gold weakened 0.1% to $1,941.43 an ounce.
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January 05, 2021 at 04:57AM
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Stock Market Today: Dow, S&P Live Updates for Jan. 5, 2021 - Bloomberg
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