Global investors are on the hunt for the next positive catalyst after a massive market rally. Morgan Stanley's chief U.S. equity strategist has warned of a short-term correction in U.S. equities. The Dow futures are down marginally by 0.05%, and the S&P 500 futures are near flat on the last check early Thursday. WTI crude futures have gained 0.24% to $45.39, and gold futures are up 0.66% to $1,842.30. Ten-year Treasury yield is down by 0.3 bps at 0.943%, closer to the critical 1% mark.Asia: Japan's Nikkei 225 stayed near a 29-year high, closing 0.03% higher on Thursday as foreign investors remained net buyers in Japanese stocks. The nation's services activity ticked higher to 47.8 in November. China's Shanghai Composite benchmark fell 0.21% after the U.S. Congress cleared a bill that threatens to delist Chinese securities in the U.S. on non-compliance with audit rules. The country's November services PMI improved significantly to 57.8, beating the consensus of 56.5.Hong Kong's Hang Seng Index advanced 0.73% after its manufacturing activity for November hit 50.1, the highest since April 2018.Australia's S&P/ASX 200 closed up 0.38% after the continent's October trade surplus expanded to A$7.46 billion. October retail sales data is due later today.India's Nifty 50 index is trading higher by 0.15%. Its services activity for November dipped to 53.7, a big miss from 55.5 consensuses. India's central bank has put curbs on the digital and credit card operations of one of the largest lenders, HDFC Bank Limited (NYSE: HDB).South Korea's KOSPI jumped 0.76%. It's forex reserves jumped to $436.38 billion in November.Europe: Euro Stoxx 50 is trading lower by 0.18% on press time. The bloc's October PPI fell 2% year-over-year but grew 0.4% YoY, beating consensus on both counts. The unemployment rate ticked lower to 8.4%, as expected. Composite PMI and retail sales data is due later today.London's FTSE 100 index is up by 0.07% at publication time. Composite and services PMI data is due today.Germany's DAX is trading lower by 0.25% after November services activity contracted significantly to 46, from 49.5 prior. November's Composite PMI contracted to 51.7 from 55 previous. France's CAC 40 is down by 0.27% after French services PMI in November fell drastically to 38.8 from 46.5 prior. Spain's IBEX 35 is trading lower by 0.37% after the Spanish services activity index fell to 39.5.Forex Trading: U.S. Dollar Index futures have fallen below the critical 91 levels, down 0.19% at 90.948. The dollar has weakened against the Euro by 0.05% to $1.2121, lost 0.28% against the Sterling Pound to $1.3401, and shed 0.12% against the Japanese Yen to ¥104.27.For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.See more from Benzinga * Click here for options trades from Benzinga * Markets Risk Short-Term Correction On Overbought Stocks, Morgan Stanley Warns * Global Markets Take A Breather Following Tuesday's Rally(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Global stock markets have seen strong gains on the idea that vaccines to combat the Covid-19 virus are coming shortly, returning the world’s economies back to some form of normalcy. In corporate news, Nestle stock was unchanged after the food and drink giant said it would spend some 3 billion euros ($3.6 billion) over the next five years to reduce its net carbon emissions to zero, while Orange (PA:ORAN) stock fell 1.5% after the French telecommunications company announced plans to take over its Belgian subsidiary Orange Belgium, valuing the unit at 1.3 billion euros ($1.57 billion).
Major global markets are trading lower on Wednesday on profit-booking following Tuesday's rally. The Dow futures are down by 0.37%, and the S&P 500 futures are trading 0.22% lower on the last check. WTI crude futures are down by 0.31% to $44.41, and gold futures are near flat at $1,818.50. Ten-year Treasury yield is down by 1.5 bps to 0.919% after yesterday's bump.Asia: Japan's Nikkei 225 closed 0.05% higher. Its monetary base increased 16.5% year-over-year and household confidence ticked up at 33.7 in November.China's Shanghai Composite benchmark fell 0.07%, stemming from losses in healthcare stocks, partially offset by gains in realty shares. Chinese HSBC Services PMI data for November is due today.Hong Kong's Hang Seng Index dipped 0.04% after the nation's retail sales fell 8.8% YoY in October. Manufacturing PMI data is due today.Australia's S&P/ASX 200 closed marginally higher by 0.03% post its third-quarter GDP clocking 3.3% QoQ growth. Trade balance, home loans, and construction index data are due later today.India's Nifty 50 index is trading lower by 0.17% at press time, dragged lower by bank stocks. M3 money supply data is due to release today.South Korea's KOSPI jumped 1.58%, closing to a record high on robust chip sector outlook. The nation's consumer price index rose 0.6% YoY.Europe: Euro Stoxx 50 is trading lower by 0.41% at publication time. The bloc's November manufacturing activity increased to 53.8, core CPI rose 0.2% YoY, and CPI fell 0.3% YoY. PPI and unemployment data are scheduled today.London's FTSE 100 index is up 0.12% after the U.K.'s manufacturing activity expanded to 55.6 in November. The country approved Pfizer Inc. (NYSE: PFE)/BioNTech SE (NASDAQ: BNTX) for emergency use on Wednesday.Germany's DAX is down 0.41% despite October retail sales growing 2.6% MoM, better than expected 1.2% growth. The country's unemployment rate ticked lower to 6.1%, and November manufacturing activity fell slightly to 57.8.France's CAC 40 is trading lower by 0.21% after car registrations fell 27% YoY. November manufacturing activity improved to 49.6.Spain's IBEX 35 is down by 0.14% after the unemployment rate increased by 25,300.Forex Trading: U.S. Dollar Index futures are up by 0.09% to 91.377. The dollar has gained 0.15% against the Euro to $1.2052, advanced 0.51% against the Sterling Pound to $1.3347, and strengthened 0.31% against the Japanese Yen to ¥104.63.For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.See more from Benzinga * Click here for options trades from Benzinga * Global Markets Rise, Dollar Weakens On Signs Of Robust Economic Recovery * November Proves Historic For Stocks Globally Despite Last Day Fumble(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.