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| - European stocks rebounded Tuesday but Wall Street treaded water as traders tracked developments on the coronavirus pandemic and US stimulus plan. Meanwhile, investors welcomed the International Monetary Fund revising its global growth forecast higher. "Stock markets were already driving higher this morning and the bullish move was given extra help by the IMF, who lifted their expectations for the world growth," said market analyst David Madden at CMC Markets UK. The IMF said the global economy is expected to see a strong rebound this year, but the coronavirus crisis is causing severe damage, slashings tens of trillions of dollars off GDP. Optimism that new vaccines will bring the pandemic under control and allow economic activity to resume, coupled with stimulus in major economies, has alllowed the IMF to boost its global growth forecast this year by two percentage points to 5.5 percent. Investors have been on a buying spree since November, when Biden won the presidency and vaccinations began to be authorised, with additional support coming from central banks' loose monetary policy and massive government spending. But while the general feeling is of optimism about the long-term outlook, confidence is being tested by the pandemic, its rising death toll, new lockdowns and problems in rolling out inoculations. The biggest driver of the market rally in recent weeks has been hope for Biden's $1.9 trillion economic rescue plan. But there is a growing concern that it could be whittled down in congressional negotiations, with Republicans and even some Democrats concerned about its size in the wake of a $900 billion deal passed at the end of last month. There is also growing concern that it may not pass before the US Senate turns to the impeachment trial of Donald Trump in two weeks. Fawad Razaqzada at ThinkMarkets said that "although there are questions surrounding the timing and scale of new fiscal aid, investors seem convinced that the aid is coming, nonetheless." US stocks wobbled, although the S&P 500 touched another record high before pulling back. Razaqzada said that "investors are also positive that the fourth quarter technology earnings will beat Wall Street expectations." This week is big for US tech firms to release their results, with Microsoft and AMD release their figures Tuesday after markets close. Apple, Tesla and Facebook will be among those releasing figures on Wednesday. Asian traders were in a selling mood Tuesday, with Hong Kong and Shanghai suffering big losses after the People's Bank of China tightened liquidity in mainland financial markets. Seoul shed more than two percent after data showed the South Korean economy suffered its worst year since 1998, when the Asian financial crisis rocked the region. New York - Dow: UP less than 0.1 percent at 30,987.10 points EURO STOXX 50: UP 1.3 percent at 3,598.44 London - FTSE 100: UP 0.2 percent at 6,654.01 (close) Frankfurt - DAX 30: UP 1.7 percent at 13,870.99 (close) Paris - CAC 40: UP 0.9 percent at 5,523.52 (close) Tokyo - Nikkei 225: DOWN 1.0 percent at 28,546.18 (close) Hong Kong - Hang Seng: DOWN 2.6 percent at 29,391.26 (close) Shanghai - Composite: DOWN 1.5 percent at 3,569.43 (close) Euro/dollar: UP at $1.2163 from $1.2141 at 2130 GMT Dollar/yen: DOWN at 103.67 yen from 103.77 yen Pound/dollar: UP at $1.3731 from $1.3675 Euro/pound: DOWN at 88.55 pence from 88.79 pence West Texas Intermediate: DOWN 0.3 percent at $52.59 per barrel Brent North Sea crude: UP less than 0.1 percent at $55.92 per barrel burs-rl/wai
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