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30 Dec 2021
China Surge Stabilizes Stocks while Treasuries Inch Higher
The Index Today
Chinese stocks edged higher on Thursday’s session as the year draws to a close. China’s CSI 300 index inched up by 1% while Hong Kong’s SenseTime Group Inc. experienced a high.
European and U.S. equity futures altered following S&P 500’s 70th record high of 2021 on Wednesday. The 10-year Treasury yield hit a monthly high following a 50-day average. Crude oil and iron ore surged while the dollar remained firm.
Investors remain skeptical about the rapid spread of the Omicron while attempting to gauge its potential impact on the global economic recovery efforts. According to an email by the Managing Director of Bel Air Investment Advisors, Kevin Philip, the markets are reflecting the new reality that Covid is here to stay albeit more on our terms than its.” However, he expressed his optimism in the world’s “return towards normalcy”.
China has also announced a more stringent approach to counter the COVID-19 outbreak in the city of Xian which remains the country’s current hotspot.