Sunday, 24 January, 2021


Stocks fall from records, US yields continue to climb

Gold Prices: Yellow Metal Down 4%, Rates Plunge Rs 2,000 Per 10 Gram Gold, silver prices recover after initial plunge
Conrad Doyle | 13 January, 2021, 00:36

The action along the curve meant the spread between the 2-year and 10-year yields steepened to an nearly four-year high of more than 103 basis points.

Worldwide coronavirus cases surpassed 90 million on Monday, according to a Reuters tally.

Asian stocks mostly traded lower as Democrats in the U.S. House of Representatives barrelled towards impeaching U.S. President Donald Trump in the wake of Capitol siege last week.

Futures for the S&P 500 were steady near all-time peaks, after gaining 1.8 per cent last week.

The pan-European STOXX 600 index fell 0.3%.

In Asia, the largest MSCI index of Asia-Pacific stocks excluding Japan fell 0.2%, after jumping 5% last week to record highs.

The U.S. Dollar edged higher across the board on Monday, extending a rebound from the near 3-year low hit last week, taking strength from the recent spike in Treasury yields and the prospect of a growth boost from higher U.S. fiscal stimulus.

Benchmark 10-year notes last fell 11/32 in price to yield 1.1443%, from 1.107% late on Friday.

The spread between the 2-year and 10-year Treasury yield brushed against 100 basis points to hit its steepest since July 2017.

Ravindra Rao, VP, Head Commodity Research at Kotak Securities said: "Gold and silver have fallen amid steady United States dollar index despite disappointing U.S. non-farm payrolls data".

"Although the short-term moves remain choppy due to rising bond yields in the U.S. on back of a smooth transition of power, higher future inflationary concerns might trigger a re-emergence of buying in the precious metal at lower levels", Rao said.

Morgan Stanley said it had moved to neutral from bullish on emerging market currencies as its forecasts had been hit and factors that kept the US dollar on the back foot may not be sustained.

In the worldwide market, Spot Gold was steady at $1,845.19 per ounce as Asian stocks traded lower (ahead of Indian market's opening), dragged by political unrest in Washington and rising global COVID-19 cases, outweighing a firmer dollar and US Treasury yields.

"The renewed concerns about demand due to very high numbers of new (COVID-19) cases and further mobility restrictions, plus the stronger USA dollar, are generating selling pressure", Commerzbank analyst Eugen Weinberg said.

Brent crude futures dipped 11 cents to US$55.88, while U.S. crude futures added 2 cents to US$52.26 a barrel.

South Korea reversed an early jump to fall 0.1%, and Chinese blue chips fell 1%.

Bitcoin last fell 1.78pc to $34,824.44. At its session low, the cryptocurrency fell 21% on Monday.

Recommended

loading...
...

NVIDIA’s RTX 30 series GPUs are heading to laptops on January 26th NVIDIA’s RTX 30 series GPUs are heading to laptops on January 26th As teased over the past week, Nvidia has announced today its much-awaited GeForce RTX 30-series laptop GPUs at CES 2021. Nvidia confirmed that GeForce RTX 3070 and RTX 3080 Max-Q laptops will launch later this month, as stated above.

Biden to Nominate Longtime US Diplomat Burns to Lead CIA Biden to Nominate Longtime US Diplomat Burns to Lead CIA Biden, who takes office in less than two weeks, has asked the Senate to quickly confirm his national security nominees. Burns is perhaps an unconventional choice for the CIA job that many thought would go to a career intelligence officer.

'Horrific barbarism': United Kingdom to ban Chinese imports linked to forced Uighur labour 'Horrific barbarism': United Kingdom  to ban Chinese imports linked to forced Uighur labour The statement on "baby-making machines" was also shared by the Chinese embassy in the United States on its Twitter handle.

Casino Mogul Sheldon Adelson Dies Aged 87 Casino Mogul Sheldon Adelson Dies Aged 87 The founder of the Las Vegas Sands casino company, Mr Adelson was known for his support of conservative causes and Israel. Originally a Democrat, Adelson funded several high-profile Republican causes including George W.

In a first, gorillas test positive for coronavirus In a first, gorillas test positive for coronavirus Zoo staff collected fecal samples and sent them to the California Animal Health and Food Safety Laboratory System. Two days later, preliminary results showed the presence of COVID-19 in the gorilla troop.

Kyrie Irving allegedly was at party, said to be 'off the grid' Kyrie Irving allegedly was at party, said to be 'off the grid' The former National Basketball Association champion has missed the last three games for the Nets due to " personal reasons ". The Nets have lost their last two games to fall to 5-6 on the season.

State law enforcement preparing for possible armed protests at SC capitol State law enforcement preparing for possible armed protests at SC capitol It is also why Ms Pelosi is pushing for the cabinet to enact the 25th amendment, which would remove Mr Trump from office immediately.

Ugandan opposition presidential candidate Bobi Wine says military raided his home Ugandan opposition presidential candidate Bobi Wine says military raided his home Last week, Wine urged the International Criminal Court to investigate the Ugandan government over the crackdown. It also contributes the biggest contingent of an African Union force fighting Islamist insurgents in Somalia.

Malaysian King Declares State of Emergency Amid Rising COVID-19 Infections Malaysian King Declares State of Emergency Amid Rising COVID-19 Infections The health ministry also said it has identified the first case of a highly contagious United Kingdom variant in the country. King Sultan Abdullah Sultan Ahmad Shah said at the time that existing laws were sufficient to halt the virus spread.

Ohio State vs. Alabama, 1/11/21 National Championship Over/Under Predictions Ohio State vs. Alabama, 1/11/21 National Championship Over/Under Predictions Mac Jones of Alabama was first with 4,500 yards passing in 13 games with 41 touchdowns and four interceptions. He completed 17 of 33 passes for 194 yards and a touchdown and rushed for 67 yards on six carries.

General Motors ushers in EV era, unveils new logo General Motors ushers in EV era, unveils new logo The ads will prominently feature Malcolm Gladwell, an author who has written books about cultural change like "The Tipping Point". Interestingly, this marks the fifth time General Motors has changed logos throughout its history, with the last being in 1964.

Olivia Rodrigo's Idol Taylor Swift Says She's 'Really Proud' of 'drivers license' Olivia Rodrigo's Idol Taylor Swift Says She's 'Really Proud' of 'drivers license' The lyric may reference Joshua's songs "Common Sense" and "Anyone Else", which fans believe to be written about Olivia . Over the weekend, " drivers license " was sitting at No 3 on iTunes, right behind two of Taylor Swift 's songs.

India’s Supreme Court stays implementation of new farm laws India’s Supreme Court stays implementation of new farm laws The government has said there was no question of such a rollback, and eight rounds of talks have failed to find common ground. The court said it has to pass some order so that the situation can be dealt with more calmly.

Keep Up To Date With The Latest Victorian Border Restrictions Keep Up To Date With The Latest Victorian Border Restrictions Travellers from regional NSW in hotel quarantine are now also permitted to leave quarantine if they have tested negative. Federation Council Mayor Pat Bourke said it was disappointing to see that regional NSW was included in the orange zone.

Hyundai, Apple Reportedly Ready To Tie The Knot For Autonomous EVs Hyundai, Apple Reportedly Ready To Tie The Knot For Autonomous EVs In a second report with new details on Sunday, more details of what could be agreed between the two companies have come to light. While the timeline is really short, Korea IT News claims that "a beta version of the Apple Car could begin testing next year".