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News

Global Markets Cheer Democrat Senate Control, Bitcoin Crosses $37K

Author: Mohit Manghnani | January 07, 2021 05:33am

Major indices worldwide are higher on Thursday, along with the U.S. futures as investors cheer Democrat control of the Senate, potentially seen as ending gridlock in Washington. 

Read to find out what a Democratic victory in the Senate means for the stocks.

The Dow futures are up by 0.59%, and the S&P 500 futures are trading higher by 0.65% on the last check Thursday. WTI crude futures are up by 0.91% to $51.09, and gold futures are up 0.77% at $1,923.30. Ten-year Treasury yield is higher by 2.2 basis points at 1.063%.

See Also: What A Democratic Victory In Georgia's Runoff Election Means For The Stock Market

Bitcoin saw a sharp 8% gain to trade at $37,129, and Ethereum is up 8.5% at $1,194.46 on the last check. The cryptocurrency market valuation has crossed the $1 trillion mark. The VIX futures are down by 4.28% to 24.05.

Asia: Japan's Nikkei 225 gained 1.60% on Thursday, led by gains in financials and metal stocks. The nations' average cash earnings and overall employee wages for November fell 2.2% year-over-year. Current account and household spending data are due later today.

China's Shanghai Composite closed higher by 0.71%. Stocks of Chinese companies fell in the U.S. yesterday on reports of a ban of Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings (OTC:TCEHY). 

Australia's S&P/ASX 200 rallied 1.59%, led by miners. Rio Tinto plc (NYSE:RIO) gained 8.56% in Sydney. The continent's trade balance surplus narrowed to A$5.02 billion, and November building approvals grew 2.6% YoY.

Hong Kong's Hang Seng fell 0.52%. The nation's forex reserves expanded to $491.6 billion.

India's Nifty 50 index is trading higher by 0.28%. South Korea's KOSPI rallied 2.14% to close at a record high of 3,031.

Europe: Euro Stoxx 50 is up by 0.32%. The bloc has a busy economic calendar on Thursday with business climate, consumer confidence, CPI, Retail Sales data scheduled.

London's FTSE 100 is down by 0.23% at press time after opening higher. Construction PMI data is due today.

Germany's DAX is trading higher by 0.51% at publication time after Factory orders showed 2.3% MoM growth.

France's CAC 40 is up by 0.38%, while Spain's IBEX 35 has slipped 0.40% on the last check.

Forex Trading: U.S. Dollar Index futures are up 0.17% to 89.657. The dollar has gained 0.30% against the Euro, 0.02% against the Sterling Pound, 0.40% against the Japanese Yen, and 0.02% against the Chinese Yuan.

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.

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