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Slight Divergence

EQUITIES

A slight degree of divergence crept in during Asia-Pac hours, with e-minis ticking lower on the back of the well-documented U.S. fiscal issues, as President Trump pushed for more substantial stimulus checks for individuals (he is looking for $2,000 per person vs. the $600 per person that was seen in the Bill that recently passed through Congress). E-minis have recovered from worst levels, with questions re: the timeliness of the fiscal support at the fore i.e. a case of when, not if, support will come.

  • Meanwhile, the major Asia-Pac indices edged higher.
  • The PBoC continues to add liquidity to the system to account for the upcoming calendar new year.
  • There was little else in the way of meaningful macro headline flow.
  • Nikkei 225 +0.4%, Hang Seng +0.4%, CSI 300 +1.0%, ASX 200 +0.5%.
  • S&P 500 futures -5, DJIA futures -27, NASDAQ 100 futures -12.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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