Asian markets were set to rise on Thursday after U.S. stocks closed at record highs on hopes that newly inaugurated U.S. President Joe Biden would put in place further economic stimulus to offset damage wreaked by the COVID-19 pandemic.
Analysis of key markets.
The U.S. dollar nursed losses on Wednesday and the euro hung on to gains as investors’ mood brightened in the wake of a better-than-expected sentiment survey in Germany and big spending talk from U.S. Treasury Secretary nominee Janet Yellen.
Gold was up on Wednesday morning in Asia, thanks to a weaker dollar and comments from Secretary of the Treasury nominee Janet Yellen calling for more COVID-19 relief spending helping to lift the yellow metal’s appeal as an inflation hedge.
Oil prices rose in early trade on Wednesday, adding to solid gains overnight, on expectations the incoming U.S. administration will go ahead with massive stimulus spending that would boost fuel demand and draw down crude stocks.
A quick reminder of what happened in the markets yesterday.