European and US shares lifted further in overnight trading as the world awaits the passage of a US fiscal stimulus bill worth $2 trillion. Despite last minute delays it is expected the rescue package will offset the economic impact of the viral outbreak. The US dollar fell again, and gold edged lower with bonds, as investors and traders contemplated a better growth outlook.

Airlines are expected to benefit from the package, and Boeing led the US 30 index with a 29% share price recovery. The Consumer Cyclical sector leapt 5.4%, and Industrials (+4.4%) and Energy stocks (+3.7%) also contributed strongly to the gains. Late news that the roll out of 5G technology weighed on the tech sector, which finished in the red, along with the Nasdaq index (-0.5%). The selling also pulled the US SPX index back from up 4.8% at mid-session to close +1.2%.

Currency markets largely held ground. The Euro and Japanese yen gained against the US dollar, but commodity currencies largely marked time, in contempt of gains in oil and base metals. CMC’s Australian dollar index moved both higher and lower over the session, but finished close to unchanged at 875.

Asia Pacific futures point to a mixed day, with gains for Hong Kong and Australia but an opening drop in Japan. Singapore GDP numbers are released today, as well as trade data in Hong Kong and Japan. However the US stimulus package is the key to recent positive stock moves, and any developments may dominate the local session. Traders face another day focussed on US stock futures.

CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.