BUSINESS-ECONOMY
Asian shares broadly rose, tracking Wall Street's tech-led gains. Concerns about a faltering economy and heightened tensions with the US caused the yuan to fall to a one-year low against the dollar. Japan, South Korea, and Australia saw increases in their equity benchmarks. Stocks in Hong Kong rose and fell as mainland Chinese markets dipped. US Futures pointed to a green open following Monday's record-setting finish for the S&P 500 and a more than 1 per cent increase for the tech-heavy NASDAQ. The S&P 500 notched its 54th closing record this year overnight. The dollar rose slightly after it ended a three-day losing run on Monday. The greenback's rise comes after a warning from president-elect Trump to the BRICS countries. In the previous session, the euro fell as much as 1.1 per cent, driven by the political turmoil in France, which put further pressure on bonds and stocks. An investment strategy that went bust in August this year the yen carry trade, is making a comeback. Traders are getting ready for a deluge of economic data and speeches from Federal Reserve officials that will influence interest rate expectations. This week's noteworthy events include fed chair Jerome Powell's scheduled participation in a moderated conversation on Wednesday and Friday's payroll data is anticipated to reveal an increase in US hiring in November. Bitcoin bulls are beginning to voice their scepticism as the seemingly inevitable rise towards a 100,000 dollars price mark hits a wall. The OG token bitcoin was steadily close to 95,800 dollars on Tuesday. It reached a record high of 99,728 dollars on November 22. In commodities, crude was little changed as market participants waited for hints about OPEC+'s supply strategies in the lead-up to a crucial meeting on Thursday. Recent lacklustre price action drove an index of implied volatility to its lowest in roughly two months, while Brent oil traded near 72 dollars a barrel after finishing only 1 penny lower on Monday. Concerns over a surplus next year have traders predicting that the producer group would further postpone an end to supply cuts. (With inputs from the agencies) A journalist, writing for the WION Business desk. Bringing you insightful business news with a touch of creativity and simplicity. Find me on Instagram as Zihvee, tr None
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