· Brexit 'big bang' to trigger tectonic trading rift in Europe
Europe will see its biggest transfer of share trading in more than two decades when stock exchanges open for business in 2021, with Brexit shifting its centre of gravity away from London.
While market players hope that years of preparations since Britain voted to leave the European Union means the transition of most euro-denominated assets like shares and derivatives out of the country will be relatively smooth, the long-term impact is unclear.
· Japan stocks lead Asian shares higher as U.S. stimulus fuels rally
Asian shares rose on Tuesday, with Japanese stocks hitting a 30-year high, as investor risk was encouraged by a Brexit trade deal and hopes a long-awaited U.S. pandemic relief package will be expanded.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.45%. Australian stocks ended up 0.53%. Japan’s Nikkei surged by 2.4% to its highest since August 1990. Shares in China bucked the trend, falling 0.32% on profit taking.
Futures for the S&P 500 added 0.4%.
Mainland Chinese stocks were lower by their close, with the Shanghai composite down 0.54% to 3,379.04 while the Shenzhen component dipped 0.526% to 13,970.21. Hong Kong’s Hang Seng index gained about 0.9%, as of its final hour of trading.
· Nikkei ends at over 30-year high on hopes for expanded U.S. stimulus
apan's Nikkei share average ended at a more than three-decade high on Tuesday, as risk appetite improved on hopes that a long-awaited U.S. pandemic relief package would be expanded.
The benchmark Nikkei share average rose 1.63% to 27,292.37, its highest closing level since Aug. 16, 1990, while also posting its biggest daily gain since mid-June.
The broader Topix gained 1.74% to 1,819.18, its best closing since October 2018.
· European markets open higher following gains in U.S.
European stocks opened higher on Tuesday following a rally in U.S. stocks on Monday.
The pan-European Stoxx 600 index opened 0.68% higher with all sectors in positive territory.
Sentiment in Europe has been buoyed by a rally in U.S. stocks on Monday that came after President Donald Trump signed a $900 billion coronavirus relief package into law; the measure includes a direct payment of $600 to most Americans.
Reference: CNBC, Reuters
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