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Asian stocks set for soft start

27 Janvier, 2021, 10:13 | Auteur: Auguste Feret
  • Asian stocks post biggest fall in two months on US stimulus worries

Asian equities looked set to rise on Wednesday, bouncing back from a steep sell-off on Tuesday, while Australian stocks were seen opening weaker in a catchup after a Tuesday holiday.

The dollar rose to a almost a week high against a basket of currencies as volatility in equity markets around the world sapped investor appetite for riskier currencies.

"There is room for some consolidation".

E-Mini futures for the S&P 500 were 0.1% firmer.

South Korea and Hong Kong topped losers and fell more than 2% each, Japan slipped 0.9% and Chinese stocks shed 1.6%. The S&P 500 gained 0.36 per cent, however, the Dow Jones Industrial Average index slipped 0.12 per cent. The sell-off also saw Japanese stocks slip 1% and Chinese blue-chips tumble 2%, their biggest one-day loss since September 9.

MSCI's All-Country World index, which tracks stocks across 49 countries, was 0.2% stronger, while MSCI's emerging market stock index was 1.5% lower.

Earlier this month, he said in a web symposium with Princeton University that the USA economy is still far from the Fed's inflation and employment goals, and it is too early to discuss altering monthly bond purchases.

Simmering tensions in the Taiwan Strait and the South China Sea also added to the reasons for caution in Chinese markets, where a jump in small-cap short bets has also caught regulators' attention.

Some investors - pointing to skyrocketing prices of assets such as bitcoin or, on Monday, the soaring stockprice of short-squeezed videogame retailer Gamestop - are beginning to worry markets are entering bubble territory.

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All eyes were on Washington, as USA lawmakers agreed that delivering COVID-19 vaccines to Americans should be a priority, even as they locked down the size of the pandemic relief package.

Traders are also keenly watching progress on the USA stimulus front after Senate Majority Leader Chuck Schumer said Democrats may try to pass much of the President's massive spending package with a majority vote, but it is not clear if they have the numbers to override Republican objections.

Financial markets have envisioned a massive package, although the disagreements have meant months of indecision in a country suffering from more than 175,000 cases of COVID-19 a day with millions of unemployed.

"Within the tech space, we are cautious on FANGS now, simply because there could be anti-trust laws that Biden would implement", Doo said.

"We expect the January FOMC to repeat and reinforce the Fed's existing dovishness, which is still significant given the recent taper discussions and other central banks' considerations to adapt policy", CitiFX strategist Ebrahim Rahbari said in a note.

The euro, which fell on Monday after a survey showed German business morale slumping, was flat at $1.21455.

The dollar advanced to a near one-week high against a basket of currencies, as volatility in stock markets around the globe sapped investors' appetite for riskier currencies.

The benchmark 10-year U.S. Treasury yield was last trading at 1.0482%, after earlier slipping a fraction to fresh three-week lows. The German DAX fell 1.7 per cent, France CAC 40 was down 1.6 per cent and the UK's FTSE 100 declined 0.8 per cent.

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