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Global Stock Rally Pushes On in Asia; Oil Gains: Markets Wrap

(Bloomberg) — Global equities headed for fresh all-time highs on Thursday as stocks pushed higher in Asia. Crude oil continued its advance toward $46 a barrel.

Asian stocks saw modest gains and European equity futures were steady. S&P 500 futures ticked up after the benchmark pulled back from a record, and the Dow Jones Industrial Average fell below 30,000. Treasury futures edged higher after U.S. bonds ended Wednesday flat. The dollar held an overnight decline.

Traders are off for the Thursday Thanksgiving holiday that will keep U.S. markets closed. A deluge of data on Wednesday brought the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable goods orders and a widening trade deficit.



chart: Strong gains for world equities extend November surge


© Bloomberg
Strong gains for world equities extend November surge

Minutes from the Federal Reserve’s latest meeting did little to alter views. The central bank discussed at the Nov. 4-5 meeting providing more guidance on its bond-buying strategy “fairly soon” but didn’t see a need for immediate adjustments. An MSCI gauge of global shares has stalled after gaining 13% in November — still set for the best month since 1988 — on progress toward a coronavirus vaccine.

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“We believe the market rally can continue from here powered by all the positive vaccine news, more political clarity with a peaceful White House transition and with more stimulus to come,” Xi Qiao, managing director at UBS Global Wealth Management, said on Bloomberg TV. “We are already seeing a strong rotation into cyclical and reopening trades with the vaccine news and we expect this trend to continue,” she said.

Elsewhere, the won ticked higher after South Korea’s central bank kept its key interest rate unchanged as expected. Bitcoin was down more than 5% and Ethereum lost 10% on Thursday, following the recent surge.

Here are some key events coming up:

U.S. celebrates the Thanksgiving holiday on Thursday. The stock market closes at 1 p.m. on Friday.The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.

Here are the main moves in markets:

Stocks

S&P 500 Index futures rose 0.1% as of 2:15 p.m. in Tokyo. The gauge slid 0.2% on Wednesday.Japan’s Topix index gained 0.5%.Shanghai Composite was flat.Hang Seng Index gained 0.1%.South Korea’s Kospi index rose 0.6%.Euro Stoxx 50 futures climbed 0.1%.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro bought $1.1925, up 0.1%.The offshore yuan traded at 6.5593 per dollar, up 0.1%.The yen rose 0.1% to 104.31 per dollar.

Bonds

The yield on 10-year Treasuries was at 0.88% on Wednesday.Australia’s 10-year yield was at 0.91%, down two basis points.

Commodities

West Texas Intermediate crude gained 0.5% to $45.92 a barrel.Gold added 0.2% to $1,810.57 an ounce.

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©2020 Bloomberg L.P.

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