Asian markets set to open after spike in US stocks after Biden inauguration

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In this news, we discuss the Asian markets set to open after spike in US stocks after Biden inauguration

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NEW YORK (Reuters) – Asian investors had expected a mixed trading day after the Wall Street summit on Thursday, pushed up by continued optimism about the economic stimulus to counter the COVID-19 pandemic promised by the Newly inaugurated US President Joe Biden.

“The markets went through such a rush yesterday after the presidential inauguration in the United States and the run-up to it, that the advance from the United States is a little messy,” said Shane Oliver, economist in chief at AMP Capital. Sydney. “A lot of good news is out there. I suspect a pretty dull day.

The gauge of MSCI stocks across the world gained 0.02%.

Australia’s ASX 200 fell 0.08% at the start of trading on Friday.

On Thursday, the Nikkei 225 index closed 0.82% higher and the futures contract is now down 0.49% from the close.

Hong Kong Hang Seng Index futures fell 0.17%.

On Wall Street, the S&P 500 and Nasdaq Composite closed Thursday at record highs, up 0.03% and 0.55%, respectively.

The Dow Jones Industrial Average fell 0.04%. He was on the verge of breaking a record until he fell into negative territory in the final minutes of trading.

The US dollar fell for the third consecutive session on Thursday, as investors invested their money in higher-yielding currencies, optimistic about a recovery from the pandemic in the world’s largest economy.

Yields on U.S. Treasuries on the longer end of the curve edged up with inflation expectations on Thursday as the market considered an additional supply of debt under Biden’s administration.

Oil prices stabilized on Thursday after data showed an unexpected increase in U.S. crude inventories that rekindled fuel demand concerns related to the pandemic. Hopes for a US stimulus package also pushed up prices.

Reporting by Jessica DiNapoli; Edited by Stephen Coates

Original © Thomson Reuters

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