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MarketScreener Homepage  >  Indexes  >  Switzerland  >  Stoxx Europe 600    SXXP   EU0009658202


Delayed Quote. Delayed Switzerland - 01/27 11:50:00 am
402.98 PTS   -1.16%
05:01pStocks tumble on recovery fears; dollar climbs
01:41pStocks fall, dollar up on virus, frothy market fears
01:37pStocks fall, dollar up on virus, frothy market fears
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

World shares hold close to record highs; U.S. markets close for Thanksgiving

11/26/2020 | 10:53am EST
FILE PHOTO: A passerby wearing a protective face mask, following an outbreak of the coronavirus, walks past an electronic board showing the graphs of the recent movements of Japan's Nikkei share average outside a brokerage in Tokyo, Japan

LONDON (Reuters) - Global stocks held near record highs on Thursday, as recent vaccine progress, Joe Biden's U.S. presidential election victory and hopes for further stimulus kept markets bullish.

World equities are having their best month on record in November, boosted by positive vaccine announcements and hopes that Biden's administration will deliver more economic stimulus and political stability.

The MSCI world equity index, which tracks shares in 49 countries, rose to a record high on Wednesday and held close to it on Thursday. It was up 0.1% on the day at 1522 GMT, as markets shrugged off the latest rise in U.S. jobless claims.

Europe's STOXX 600, which is also having its best month on record, up 14.5% in November, was up 0.1% on the day.

"The market's very much looking forward to 2021 and the time when vaccines will be rolled out and economic activity can get back to normal," said Kiran Ganesh, a multi-asset strategist at UBS.

Ganesh said that the equities rally is "particularly driven by the rotation trade away from large caps and towards small caps, away from the U.S. and towards Europe, and away from technology and towards some of the cyclicals."

Markets also got a boost from minutes of the U.S. Federal Reserve's Nov. 4-5 meeting, which showed that officials discussed how the central bank's asset purchases could be adjusted to provide additional support to the economy.

The minutes said policymakers may give new guidance about its bond-buying "fairly soon".

G3 central bank balance sheets

"2021 is going to be a year of economic catch-up," said Samy Chaar, chief economist at Lombard Odier. "When you keep the pandemic contained and under control, economic activity catches up very quick."

The U.S. dollar slipped overnight, then recovered during the European session. Versus a basket of currencies, it was up 0.2% on the day at 92.133 at 1523 GMT, having touched its lowest in nearly three months in early London trading.

It lost out versus the safe-haven Japanese yen, down 0.2% on the day at 104.3 at 1523 GMT.

U.S. markets were closed for Thanksgiving on Thursday. Biden urged Americans to avoid big family gatherings and to wear protective masks and maintain social distancing as COVID-19 cases soar.

In France and Germany, consumer confidence plunged in November under new lockdown restrictions, challenging the idea of a quick return to normal in the euro zone's two biggest economies.

German Chancellor Angela Merkel told parliament that lockdown measures will be in place until at least the end of December and possibly longer.

The euro was down 0.1% against the dollar, at $1.18995, while euro-sterling was up 0.3% at 89.23 pence per euro.

UK investors were watching trade talks between Britain and the European Union, with little more than a month until the status-quo transition period ends on Dec. 31.

Britain's finance minister said on Thursday that "it's clear what the shape of the deal looks like" but that the United Kingdom would not sign a deal at any cost.

The UK announced this week new restrictions on activity that will apply after the month-long lockdown ends on Dec. 2. London's FTSE 100 was down 0.5%.

Euro zone government bonds were little changed, with Germany's benchmark Bund yield at -0.584%.

Oil prices slipped, stalling a rally which saw futures hit their highest in nearly eight months on Wednesday.

Gold prices picked up as investors bet that the grim U.S. economic data would lead to further stimulus.

Emerging market stocks' November to remember

(Reporting by Elizabeth Howcroft, additional reporting by Marc Jones; editing by Angus MacSwan, Larry King)

By Elizabeth Howcroft

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.50% 1840.8 Delayed Quote.-2.24%
LONDON BRENT OIL -0.93% 55.54 Delayed Quote.7.08%
MSCI UNITED KINGDOM (STRD, UHD) -1.50% 1053.257 Real-time Quote.2.91%
STOXX EUROPE 600 -1.16% 402.98 Delayed Quote.1.53%
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Top / Flop STOXX EUROPE 600
AMBU A/S 301 Delayed Quote.23.61%
KLÉPIERRE 21.6 Real-time Quote.21.90%
UNIBAIL-RODAMCO-WESTFIELD SE 71.9 Real-time Quote.19.87%
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NOKIA OYJ 4.4 Delayed Quote.13.84%
INTERPUMP GROUP S.P.A. 37.28 Delayed Quote.-6.28%
GLENCORE PLC 237.8 Delayed Quote.-6.75%
ACCIONA S.A. 123 Delayed Quote.-7.24%
NEL ASA 31.06 Real-time Quote.-7.97%
FRESNILLO PLC 924 Delayed Quote.-13.04%
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