Global Markets Mimic Wall Street Rally, Bitcoin Rally Takes A Pause

Author: Mohit Manghnani | January 08, 2021 05:33am

Major indices worldwide are up on Friday, taking cues from Wall Street's Thursday rally. The markets cheered as U.S. Congress certified a Democrat victory, and Trump has acknowledged his loss and looks to transition to the Biden administration.

The Dow futures are up by 0.39%, and the S&P 500 futures are trading higher by 0.38% on the last check Friday. WTI crude futures are up by 0.77% to $51.22, while gold futures are down 1.18% at $1,891.10. Ten-year Treasury yield is higher by 1.2 basis points at 1.088%.

Bitcoin saw a 4.4% gain to trade at $38,631, and Ethereum is up 0.31% at $1,199.00 on the last check. Bitcoin is trading near all-time highs having crossed the $40,000 mark, and yet the big whales seem hesitant to cash out. The VIX futures are down by 0.54% to 23.10.

Asia: Japan's Nikkei 225 rallied 2.36% to close at a 30-year high. The nation's November household spending grew 1.1% year-over-year, and forex reserves stood at $1.39 trillion in December. November's leading index increased by 2.3% MoM.

China's Shanghai Composite closed lower by 0.17% after six days of gains. The country's foreign ministry called the U.S. move to delist Chinese telecom carriers shortsighted. The country's forex reserves stood at $3.217 trillion.

Australia's S&P/ASX 200 closed 0.68% higher, recording its best week in two months. Consumer and technology stock gains pushed the index higher.

Hong Kong's Hang Seng advanced 1.20%, led by technology stocks. Geely Automobile Holdings Ltd (OTC:GELYF) shares gained 20% in Hong Kong on reports of Baidu Inc's (NASDAQ:BIDU) tie-up with the automaker for producing smart EVs.

India's Nifty 50 index is trading higher by 1.3% at press time. 

South Korea's KOSPI rallied 3.97%, recording the best day since 2008. Hyundai Motor Company (OTC:HYMTF) shares gained 17% in Seoul on tie-up with Apple Inc (NASDAQ:AAPL) for manufacturing self-driving EVs.

Europe: Euro Stoxx 50 is trading higher by 0.48% at press time. Unemployment rate data is due later today.

London's FTSE 100 is up by 0.12% at publication time, driven by gains in travel and leisure stocks. U.K.'s hose price index grew 6% YoY.

Germany's DAX is trading higher by 0.85% after the nation's November industrial production showed 0.9% MoM growth. Its November trade balance surplus narrowed to €16.4 billion.

France's CAC 40 is up by 0.37% despite an 18.9% MoM consumer spending decline. The nation's November trade balance deficit narrowed to €3.6 billion.

Spain's IBEX 35 is trading higher by 0.10%.

Forex Trading: U.S. Dollar Index futures are up 0.25% to 90.013. The dollar has gained 0.35% against the Euro, 0.09% against the Japanese Yen, but lost 0.16% against the Sterling Pound and 0.13% against the Chinese Yuan.

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

Posted In: AAPL BIDU DIA ETHE GBTC GELYF HYMTF SPY TLT VGK VXUS