June 16, 2024

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Business is my step

Dow Futures Gain, Dollar Slides Amid Vaccine Recovery Hopes

3 min read

The Monday Market Minute

  • Global hit fresh record highs to kick-off the New Year as investors look to a vaccine-lead recovery for the world economy.
  • Better-than-expected factory activity readings push markets higher, offsetting concerns of rising infection rates and new national lockdowns planned in Britain and Germany.
  • Investors eye Tuesday’s Senate run-off in Georgia after the release of an audio tape suggesting President Donald Trump pressured Secretary of State Brad Raffensperger to overturn the November election result. 
  • The dollar extends declines against its global currency peers as sentiment improves, while oil prices near $50 a barrel as OPEC mulls production levels.
  • Equity futures suggest more record highs on Wall Street Monday ahead of the Georgia Senate run-off Tuesday, Fed Minutes Wednesday and December non-farm payrolls on Friday.

Wall Street looks set to kick-off the first day of the trading year in much the same fashion as it closed out the last, with bullish hopes of an vaccine-lead recovery driving risk markets higher and the U.S. dollar to fresh two-and-a-half year lows.

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