Global market rally fades after Dow hits 30,000 – Business Live | Business

Good morning, we welcome our information on the global economy, financial markets, the eurozone and trade.

Global stock markets have risen all the time as investors expect a smooth presidential change in the United States, and the vaccine release will be effective in the coming months.

Shares of MSCIs around the world have reached a new high, with markets expecting better times in 2021.


MSCI All Country World Index Photo: Refinitiv / MSCI

Wall Street hit a record high last night, with the Dow Jones Industrial Average peaking at 30,000 for the first time.

As President-elect Biden’s transition process progressed, it removed long-standing political uncertainty and raised hopes for policies that would boost growth from the new administration.

As Joshua Mahoney, Senior Market Analyst at Financial Trading Company I.G., Put:


“With the economic data improving and the Biden-led push for a vaccine and more stimulus on the horizon along the way, there are plenty of reasons to be optimistic for the coming months.”

European markets ended the nine-month high last night, and small, gains are expected this morning:

IGSquawk
(IGSquawk)

European Initial Calls:#FTSE 6446 + 0.22%#DAX 13288 -0.04%#CAC 5569 + 0.19%#AEX 607 -0.05%#MIB 22120 -0.11%#IBEX 8163 + 0.24%#OMX 1936 -0.11%#STOXX 3509 + 0.02%#IGOpeningCall


November 25, 2020

Reports that Janet Yellen is standing in line as the next Treasury Secretary also raised shares.

The former Federal Reserve Chairman, along with his successor Jerome Powell, has the opportunity to offer integrated financial and monetary easing and prioritize full employment.

Chris Weston of the brokerage firm Pepper stone Explains:


The continued blockade of the positive news flow about vaccines, the failure of high frequency / real time data to be dramatically affected by COVID restrictions, and the positive vibe of USD Secretary Janet Yellen’s appointment all contribute to the flow.

Biden is also a catalyst for the smooth transition of power toward management.

But this market optimism does not match the sentiment on the ground, and yesterday consumer confidence in the United States, France and Germany declined.

Beyond the markets, the Govt-19 epidemic continues to rage, with global cases approaching 60m, with more than 1.4 million deaths. The cases are increasing at a record rate in the United States, Health workers warn that clinics and emergency rooms are overcrowded.

In the UK, the Chancellor Rishi Sunak Presents government spending review; Is expected to include $ 4.3 billion support package to help the unemployed find work After this year’s economic turmoil.

Office of Budget Responsibility ‘The new economic forecast also highlights the devastating damage from the epidemic, which could signal a move towards Britain A fall of more than 10% in GDP Unemployment this year, and rising next year.

Ahead of tomorrow’s Thanksgiving holiday in the United States, we will also receive the largest dollar of US economic data, including the latest weekly unemployment figures.

Agenda

  • 12.30 pm GMT: Expenditure review of President Rishi Sunak
  • 1.30pm GMT: US Weekly Unemployment Statistics
  • 1.30pm GMT: US Durable Goods Orders for October
  • 3pm GMT: University of Michigan explores American consumer sentiment
  • 3pm GMT: US New Home Sale For October
  • 3.30pm GMT: IEA Weekly Crude Oil List

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