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Stocks Peak On Vaccine, U.S. Stimulus And Brexit Deal Hopes
Stocks Peak On Vaccine, U.S. Stimulus And Brexit Deal Hopes
Via Reuters:
World stocks rose to record highs on Wednesday while the safe-haven dollar reached its lowest in more than two and a half years on the prospect of effective coronavirus vaccines and more U.S. fiscal stimulus.
European stocks and the euro also got a boost after PMI economic data came in better than expected and the European Central Bank decided on Tuesday to let euro zone banks start paying dividends again if they have enough capital.
Markets will look to the U.S. Federal Reserve later to see whether it hints at an extension of its stimulus programme and it thinks the economy will suffer a double-dip recession or is on the cusp of a vaccine-inspired boom.
“We are not expecting a lot of fireworks from the Fed today – they have already engineered very easy monetary conditions and the tone of their messaging has been persistently dovish,” said Marija Vertimane, senior strategist at State Street Global Markets. “This is unlikely to change … in this meeting.”
Europe’s strong open saw stocks rise 1% to nine-month highs, with the UK’s FTSE 100 index jumping 1.3%.
The MSCI world stock index rose 0.4% to a record high of 636.64. The index has climbed 15% since the beginning of November, propelled by trillions of dollars worth of global stimulus and more positive outlook.
MSCI broadest index of Asia Pacific shares outside of Japan had followed Wall Street’s latest rise to end 0.9% higher. The region is also near record highs and up 3.8% so far in December putting it track for its best yearly performance since 2017.
E-mini futures for the S&P 500 were up 0.25%, after the Dow rose 1.1% overnight and the S&P 500 and the Nasdaq climbed 1.3% each. [.N].
Optimism over a $1.4 trillion U.S. spending package increased after House of Representatives Speaker Nancy Pelosi invited other congressional leaders to meet late on Tuesday to put together a deal to be enacted this week.
“The odds are that this deal is more than the $500 billion the Republicans proposed and likely less than the $900 billion of the joint Republican/Democrat committee proposal,” said Sebastien Galy, macro strategist at Nordea Asset Management. “It is rightfully welcomed by the markets, but the size of the fiscal package is the issue.”
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