Written by Kattanga Johnson and Julie Ju
WASHINGTON / HONG KONG (Reuters) – US President-elect Joe Biden is set to make a formal start to his transition on Tuesday, with gains in the Govt-19 vaccine and rapid global economic recovery.
European markets appeared to be expanding confidence in Asian and US stocks, with futures up 0.52% and 0.42%, respectively.
In a letter to Fiden on Monday, Emily Murphy, president of the U.S. Public Service Administration, wrote that the handover process could begin formally.
President Donald Trump has tweeted to his committee, “Do what needs to be done with regard to early ethics,” a sign that he is moving toward a change after weeks of legal challenges to the election results.
U.S. stocks gained further momentum after reports emerged that Biden was planning to appoint former Federal Reserve Chairman Janet Yellen as the next Treasury Secretary. Asian trade rose 0.73% in the afternoon.
Exciting background helped MSCI’s broader index of Asia-Pacific stocks outside Japan to gain 0.19% in afternoon trade. Australia’s 1.26 per cent strong, touching its highest level in almost nine months, with energy stocks leading the pack.
After reaching 26,186.53 within 0204 GMT, it rose 2.47%, the highest since May 1991, leading to gains in energy, real estate and financial stocks. Seoul’s Gosby is up 0.54% and Hong Kong is up 0.03%.
Chinese blue chips were a foreigner, down 0.85% as investors recorded gains following recent strong gains.
Some analysts say Biden’s presidency, which means more talks for Washington and Beijing, will not make a big difference in China’s stock market because they expect a small change in broader U.S. policy on China.
The development of the COVID-19 vaccine, which supported Wall Street overnight, helped boost appetite for risk as it boosted confidence in the world economy for a rapid recovery.
AstraZeneca (NASTAK 🙂 said its COVID-19 vaccine, which is cheaper to manufacture, easier to distribute and measurable faster than its competitors, is 90% effective.
“As the outcome of the epidemic is imaginary, traders are still buying the vaccine news permit. Recent U.S. data have boosted COVID-19 infections and restored confidence that the economy is sustaining despite the pain of the new financial stimulus,” said Kyle Roda, market analyst at IG Australia.
“The news that Yellen may be appointed to the role of US Treasury Secretary could put a very central bank-friendly Uber-pigeon under control of monetary policy.”
It tracked the greenback against the basket of the six main rivals by 92.406 and the euro was up 0.11% at 18 1.1853.
On Wall Street, it rose 1.12% overnight, the S&P 500 rose 0.56%, and added only 0.22%, making it inactive as traders moved away from the big tech names.
Oil prices added to last week’s gains as traders expect vaccination news to rebound energy demand.
“Investors are ignoring near-term intervals, the key of which is increasing global COVID infections, instead looking forward to next summer,” said PVM analyst Stephen Brennak.
The United States has surpassed 255,000 deaths and 12 million epidemics since the outbreak, with nearly 170,000 daily epidemics and more than 1,500 daily deaths.
Tuesday, up 1.13%, from 1.28% per barrel. The commodity price index touched a four-year high of $ 46.58, up 43.61.
Yield of Benchmark 10 year notes increased slightly by 0.8619%.
An ounce fell to $ 1,826.86, down 0.46% to $ 1,829.30.