• Sat. Dec 5th, 2020

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Stocks Push Higher as Tech Rebounds; Crude Slips: Markets Wrap

(Bloomberg) — Asian stocks rose Thursday as renewed market leadership by technology shares flowed through from the Wall Street session. The dollar steadied after declines.

While equities advanced across the region, the moves were modest and less pronounced than in the U.S., where the S&P 500 rose the most since June. S&P 500 and Nasdaq 100 contracts edged down. The overnight Nasdaq gains followed an 11% rout that took the gauge down to its 50-day moving average, a closely-watched technical level. Indonesian shares slumped after officials said the capital, Jakarta, will bring back social distancing measures due to a spike in Covid-19 cases.

Treasuries were little changed. The pound inched lower to extend recent declines on worries that trade talks with the European Union could collapse over changes to the Brexit withdrawal deal.



a circuit board: Major U.S. equity gauges rallied more than 1.5% in unison for first time since July


© Bloomberg
Major U.S. equity gauges rallied more than 1.5% in unison for first time since July

With volatility remaining elevated, investors will be on guard for any signs that the selling in stocks may resume. Thursday brings the European Central Bank’s latest policy decision and weekly jobless claims data in the U.S.

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“We are in a recovery but this recovery is about to slow down,” David Kelly, chief global strategist at JPMorgan Asset Management, said on Bloomberg TV. “It’s important for investors at this stage to be disciplined and realize that just because we’ve seen some good economic numbers and because the market seems to be OK here, don’t take your eye off the ball.”

Elsewhere, crude oil slipped and and gold nudged higher.

Here are some key events coming up:

The ECB is expected to hold rates steady on Thursday but indicate that downside risks have intensified, suggesting further easing is possible before year-end.The U.S. releases initial jobless claims numbers Thursday.U.S. CPI data is due Friday, with consumer prices expected to have risen in August.

These are the main moves in markets:

Stocks

S&P 500 futures dipped 0.3% as of 11:10 a.m. in Tokyo. The gauge rose 2% on Wednesday.Topix index rose 0.7%.Hong Kong’s Hang Seng advanced 0.2%.Shanghai Composite added 0.5%.Australia’s S&P/ASX 200 Index gained 0.7%.Kospi index climbed 0.7%.Euro Stoxx 50 futures dipped 0.2%.

Currencies

The Bloomberg Dollar Spot Index was flat after falling 0.4%.The euro bought $1.1814.The yen was at 106.17 per dollar, little changed.The offshore yuan traded at 6.8375 per dollar.The pound was at $1.2980, down 0.2%.

Bonds

The yield on 10-year Treasuries dipped to 0.69%.Australia’s 10-year yield rose four basis points to 0.93%.

Commodities

West Texas Intermediate crude fell 0.6% to $37.82 a barrel.Gold was at $1,948.11 an ounce, up 0.1%.

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©2020 Bloomberg L.P.

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