Global Stock Markets Advance Amid U.S Presidential Race and Stimulus Hopes

08/10/2020 U.S. and European equity markets advanced as investors mulled encouraging signs for Joe Biden in the presidential election race and the outlook for stimulus. Wall Street stocks clawed back Tuesday’s amid conflicting messages from the President regarding his stance on further economic stimulus payments. The Dow opened 423.99 points higher on Tuesday, to close 530.70, or 1.91%, by the end of the day’s trading. Both the S&P 500 and Nasdaq were in a jovial mood too, advancing 1.74% and 1.88% respectively at the close. Locally, the JSE/All-Share firmed 1.01% and the blue-chip Top-40 1.09%. Financials, banks, resources, platinum miners and industrials were all up on the day. Markets rose in Japan and Australia, while Hong Kong stocks slipped as a gauge of Asian equities reached the highest level in three weeks.

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European equities were little changed as U.S. President offered a glimmer of hope that a stimulus deal is still possible before the presidential election, after previously suspending talks. The pan-European Stoxx 600 index drifted lower by 0.12%, the Cac-40 was down 0.27%, Germany’s Dax on the other hand was 0.17% higher and the FTSE 100 flat 0.06%. European equities have gained 1.2% in October, led higher by a comeback for banks and travel stocks, which were hit hard earlier this year.

U.S. Stock futures open slightly higher after stimulus hopes fuels rally. Nancy Pelosi, House Speaker, said on Wednesday that she would be open to passing a bill to provide relief to airlines specifically, after President Donald Trump said late Tuesday that he would approve piecemeal measures including airline aid. Dow futures up 0.34%, while both the S&P 500 and Nasdaq futures are firmer in the green 0.30%.

Asian markets rise as investor buy-in for prospect of new U.S. pandemic relief circles globe. Japan’s Nikkei 225 added 0.99%, Australia’s S&P/ASX 200 jumped 1.9%, Hong Kong’s Hang Seng fell 0.62% – Tencent 700HK off 0.20%. Trading was closed in Shanghai for a holiday.

Oil prices rose on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta. U.S. WTI crude futures rose 0.23%, to $40.03 a barrel, while Brent crude futures rose 0.36% to $42.14 a barrel, after falling 1.6% on Wednesday. Gold +0.12% @ $1889.36, Platinum -0.15% @ $866.61, Palladium +0.29% @ $ 2367.50

Many Blessings For The Day 😉