Asian stocks dip as all eyes on Georgia
January 6, 2021SharePrint
Asian equities are slightly lower as US futures retreat
Asian markets started brightly, following on from a robust overnight session on Wall Street. The S&P 500 rose 0.71%, the Nasdaq jumped 0.95%, and the Dow Jones climbed 0.56%. The rally being broad-based after the NYSE reversal lifted US-listed Chinese companies, and the OPEC+ production cut turbo-charging the energy sector.
US index futures have abruptly changed course in Asia though, unwinding most of those gains as the Georgia election results came in. As expected, the election has been extremely close and we may have to wait until late in the week for an official announcement. A Republican victory is seemingly deflating further fiscal stimulus hopes. The S&P 500 e-minis are down 0.56%, the Nasdaq 100 futures have slumped 1.15%, and the Dow Jones futures have retreated by 0.27%.
Equity indices closed with decent gains on Tuesday. The Nifty managed to close above the crucial 13,900 mark. Buying was seen in bank, financial and IT stocks while metal, realty and auto shares corrected. Positive global cues supported the rally.
As per provisional closing data, the barometer index, the S&P BSE Sensex, rallied 246.61 points or 0.52% to 47,600.75. The Nifty 50 index added 54.9 points or 0.4% to 13,928.25.
The Sensex hit a fresh record high of 47,714.55 while the Nifty scaled an all-time high of 13,967.60 in morning trade. Investor sentiment was upbeat after President Trump signed a $2.3 trillion pandemic aid while the U. K. and the E. U. struck a Brexit trade deal last week.
Bulls returned to Dalal Street in the last hour of trade on Tuesday after the chief executive officer of BioNTech said the German pharmaceutical company is confident that its coronavirus vaccine would work against the UK variant, but needed further studies to be completely sure. Sentiment was also positive after the US Congress on Monday approved an $892 billion coronavirus aid package, throwing a lifeline to the nation s pandemic-battered economy. That apart, official data released on Tuesday showed that Britain s economy recovered quicker than previously thought in the third quarter. Gross domestic product grew by a record 16 per cent from July to September, revised up from a previous estimate of 15.5 per cent.
12/21/2020 12:30:43 PM GMT | By Eren Sengezer
NZD/USD is falling for the second straight trading day.
USD s market valuation drives NZD/USD s movements on Monday.
Slumping US stock futures suggest safe-haven flows will dominate the American session.
After advancing to fresh a fresh multi-year high of 0.7172 last Thursday, the NZD/USD pair made a technical correction and close in the negative territory on Friday. With the market mood turning sour on Monday, the pair came under strong bearish pressure and slumped to its lowest level since November 27 at 0.7003. Ahead of the American session, however, NZD/USD started to consolidate its daily losses and was last seen losing 1.25% on the day at 0.7035.