Stock Markets Wrap

Thursday, November 26, 2020 7:13 AM | MT Newswires

As at 7am ET, Action Economics notes, European stock markets were mostly lower, after a mixed close in Asia overnight. The German DAX had managed to pare earlier losses, as had U.S. futures, but the FTSE 100 was down -0.5% and overall sentiment remained cautious with the stock rally halted for now after disappointing data provided a reality check for markets that have already invested heavily into a post-vaccine recovery. AE said the longer term trend is likely to remain positive against the prospect of ongoing support from central banks and fiscal authorities that are not in a hurry to rein in stimulus. Still, AE added, for now traders were taking a step back and cyclicals were on the back foot, while defensive tech stock were finding some buyers, and the NASDAQ future was up 0.4%, while Dow Jones and S&P were little changed, with cash markets closed today for the Thanksgiving holiday, which is also making for quiet market conditions elsewhere. Asian markets closed mixed, with Japanese bourses outperforming and the Nikkei up 0.9% at the close. The ASX meanwhile corrected -0.7%, while the Hang Seng climbed 0.6% and the CSI 300 managed a modest 0.2% gain after paring earlier losses.

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