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Sep 28, 2020

Stocks rally globally with bank shares in the lead

BNN Bloomberg's afternoon market update: September 28, 2020

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U.S. stocks jumped after four weeks of declines and European shares added the most in three months amid broad gains for equities. The dollar weakened.

Banks led the S&P 500 Index to its biggest gain in two weeks as investors found buying opportunities after the gauge fell to its lowest since July last week. More than 10 stocks were higher on the benchmark for every one that fell. HSBC Holdings Plc added almost 9 per cent after its biggest shareholder raised its stake, while an index of lenders rose the most a month. Shares also advanced in Asia.

Signs that U.S. politicians are moving toward new fiscal stimulus has been a boon to stocks in recent days, while the Federal Reserve continues to provide liquidity. Stronger economic reports from China also lifted investor sentiment, with data over the weekend showing profits at Chinese industrial companies grew for a fourth consecutive month in August.

“The Fed is making it almost impossible for you to get too bearish,” said John Porter, head of equities at Mellon Investments. “The market is getting more comfortable with the realization that COVID is going to be with us for a while now.”

The advance in global stocks was broad, instead of tech-focused, a sign that optimism about global growth and the end of pandemic lockdowns is returning. Still, equities remain on course for the first month of losses since March after investors sold overheated stocks and fears about a resurgence in the virus weighed on airlines and retailers.

“September certainly continued to challenge the intestinal fortitude of the bulls, but charting the S&P 500 from March shows the bull market remains very much intact,” said Chris Larkin, managing director of trading and investment product at E*Trade Financial Corp.

In emerging markets, the Turkish lira and Russian ruble weakened as fighting between Armenia and Azerbaijan curbed appetite for the currencies of their bigger neighbors.

These are the main moves in markets:

Stocks

The S&P 500 Index gained 1.6 per cent as of 4 p.m. New York time.
The Stoxx Europe 600 Index climbed 2.2 per cent.
The MSCI Asia Pacific Index increased 1.3 per cent.
The MSCI Emerging Market Index climbed 1.1 per cent.

Currencies

The Bloomberg Dollar Spot Index fell 0.3 per cent.
The euro gained 0.3 per cent to US$1.1667.
The British pound jumped 0.7 per cent to US$1.2834.
The Japanese yen rose 0.1 per cent to 105.49 per dollar.

Bonds

The yield on 10-year Treasuries rose less than 1 basis point to 0.66 per cent.
Germany’s 10-year yield rose less than one basis point to -0.53 per cent.
Britain’s 10-year yield rose one basis point to 0.20 per cent.

Commodities

West Texas Intermediate crude rose 0.8 per cent to US$40.59 a barrel.
Gold strengthened 1 per cent to US$1,880.22 an ounce.

 

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