LONDON/SYDNEY:Europe and Asia's stock markets climbed and bonds extended their rally on Thursday as Democrat Joe Biden inched closer to winning the White House and Britain's central bank become the latest to shovel in additional stimulus.
Biden is now favoured to oust Donald Trump after victories in Michigan and Wisconsin, but Democrats are unlikely to win the Senate. That led investors to wager on a policy gridlock that would prevent greater regulation.
With the Bank of England adding 150 billion pounds ($195.20 billion) to its bond-buying programme as Europe's markets opened, the FTSEurofirst was up 0.8% and Italy's five-year bond yields fell below zero.
Asian stocks climbed 2% overnight to reach their highest since February 2018.
Japan's Nikkei rose 1.7% to a more than nine-month top, South Korea gained 2.4%, and Chinese blue chips added 1.3% on hopes a Biden White House would ease up on tariffs.
A split U.S. Congress, while potentially limiting fiscal stimulus, would have some advantages, said Michele Pedroni, a fund manager at Decalia Asset Management in Geneva.
"The big bad wolf of regulation and taxes is further away from the door and many, who have de-risked into the event, will be forced to re-risk," she said.
E-Mini futures for the S&P 500 rose 1.6% and NASDAQ futures 2% after both real-time markets had surged on Wednesday as the election results unfolded.
Amazon , Facebook and Google have all soared 6% to 8%.
Both Trump and Biden have paths to 270 Electoral College votes as states tallied mail-in ballots. Biden remained optimistic on winning while Trump filed lawsuits and demanded recounts.
The divided Congress that looked likely to emerge was "often seen as the 'goldilocks scenario' for financial markets -- no radical policy changes and the Fed providing ample liquidity to try to support the economy and financial markets when required," said Randal Jenneke, a portfolio manager at T. Rowe Price.
BONDS WIN BIG
Bond markets assumed a divided government would greatly reduce the chance of debt-funded spending on stimulus and infrastructure next year, and thus less bond supply.
That saw 10-year Treasury yields fall to 0.74%, having touched a five-month top of 0.93% at one stage on Wednesday. The overnight drop of 11 basis points was the largest single-day move since March's COVID-19 panic.
The diminished chance of U.S. fiscal stimulus will put pressure on central banks globally to inject liquidity.
The Bank of England added 150 billion pounds to a total target of 895 billion as it sought to cushion Britain's struggling economy against a second coronavirus lockdown.
In addition, the Federal Reserve will probably be called on, too, said Chris Beauchamp, chief market analyst at IG.
"The Fed in particular will have to take up its QE role again with a weary sigh, in order perhaps to provide yet another bridge to the future when, hopefully, a government stimulus package will have been agreed," Beauchamp said.
The prospect restrained the dollar, after a wild ride overnight. The dollar index was last at 93.362, nearer Wednesday's low of 93.070 than the top of 94.308.
The dollar also settled back to 104.38 yen after rising as high as 105.32 overnight. The euro held at $1.1734, up from a low of $1.1602.
Sterling recovered after bumpy ride on Wednesday amid troubles of its own. Little sign of a breakthrough on Brexit has appeared, and the Telegraph newspaper had earlier reported the BoE was considering a move into negative interest rates.
The pound gained to $1.3023, still down from an overnight peak of $1.3139.
All the talk of policy easing put a floor under gold prices, leaving the metal up at $1,909.1 an ounce.
Oil prices ran into some profit-taking. They had jumped overnight on speculation a deadlocked U.S. government would be unable to pass major environmental legislation that favoured other forms of energy.
U.S. crude slipped to $38.37 a barrel, though that followed a rise of 4% on Wednesday. Brent crude futures fell 80 cents to $40.43.
Reuters
Thu Nov 05 2020
![Shares and bonds gain as Biden inches toward victory Shares and bonds gain as Biden inches toward victory](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2020-11/61604572789_stock.jpg)
A passersby wearing a protective face mask walks in front of a stock quotation board, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan October 5, 2020. - REUTERS/Issei Kato
AWANI Borneo [16/07/2024] – SUKMA 2024 | Sentiasa berwaspada | Pintu sempadan
AWANI Borneo Selasa, 16 Julai 2024 bersama Fauzi Zin.
- SUKMA 2024 : Nasib acara takraw wanita diketahui Khamis ini.
- Ribut petir diramal di Sabah, Bomba saran penduduk berhati-hati.
- Urusan imigresen di sempadan, Malaysia-Brunei adakan rundingan.
- SUKMA 2024 : Nasib acara takraw wanita diketahui Khamis ini.
- Ribut petir diramal di Sabah, Bomba saran penduduk berhati-hati.
- Urusan imigresen di sempadan, Malaysia-Brunei adakan rundingan.
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Hukuman penjara bapa lakukan serangan seksual ke atas 3 anak perempuan dikurangkan
Dalam penghakimannya, Che Mohd Ruzima berkata perayu gagal membuktikan bahawa Mahkamah Sesyen terkhilaf dalam memutuskan kes itu.
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Malaysia dan Brunei akan mengadakan rundingan bagi memudahkan proses keluar masuk rakyat kedua-dua negara.
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Pan-gon mahu kekal hubungan baik dengan Malaysia
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Kos pampasan tanah fasa 1B proses Projek LPB Sabah RM1.2 bilion - Alexander
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Sentiasa berhati-hati, ribut petir diramal berlaku di Sabah
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Nasib acara sepak takraw wanita diketahui Khamis ini
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JPBM Sabah serah jentera khas buat pasukan sukarela
Jabatan Bomba dan Penyelamat Malaysia (JBPM) negeri Sabah sedang dalam perancangan untuk menyerahkan jentera khas, iaitu Volunter Fire Rescue Tender (VFRT) untuk Pasukan Bomba Sukarela (PBS) di Sabah.
Sarawak akan pertahan pingat sukan Muay Thai edisi lalu
Skuad Sarawak akan berusaha mempertahankan masing-masing dua emas, perak dan gangsa dalam kejohanan SUKMA yang dimenangi dalam edisi lalu.
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Usaha pujuk Pan-gon tidak berhasil - Yusoff Mahadi
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Tiada tempat untuk keganasan politik dalam demokrasi AS - Obama
Kenyataan Obama mengundang kecaman warganet terutamanya istilah 'keganasan politik' yang dikatakan menunjukkan sisi hipokrasi Washington.
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Mahkamah AS tolak pertuduhan tambahan dalam kes dokumen sulit Trump
Permohonan Trump untuk menolak pertuduhan berdasarkan pelantikan dan pembiayaan tidak sah 'Special Counsel' Jack Smith diluluskan.
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Berita antarabangsa pilihan sepanjang hari ini
Antara pelbagai berita luar negara yang disiarkan di Astro AWANI, berikut adalah antara yang paling menjadi tumpuan sepanjang hari ini.
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Bursa Malaysia ditutup tinggi pada hari dagangan pertama minggu ini berikutan sokongan belian asing yang berterusan, dalam keadaan prestasi pasaran serantau yang bercampur-campur.
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Pihak berkuasa menemukan bahan letupan dalam kereta yang dipandu lelaki berusia 20 tahun yang didakwa cuba membunuh bekas Presiden Donald Trump semasa perhimpunan kempennya di Pennsylvania.
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Pesawat Trump mendarat sehari sebelum acara empat hari itu bermula, disambut ribuan penyokong dalam kalangan ahli Parti Republikan.