Global shares steadied on Monday, after President Joe Biden’s decision to bow out of the election race at the weekend injected a degree of optimism into the markets, while a surprise rate cut by China’s central bank failed to give Asian markets any pep.
Markets took the news in their stride, with S&P 500 stock futures nudging up 0.1%, while Nasdaq futures added 0.2%. “There’s been a bit of a unwinding of that ‘Trump trade’, those fears we saw last week that lifted the dollar and pressurized European stocks at least and an overall, a bit of an upbeat mood on the news,” Fiona Cincotta, senior market analyst at City Index, said.
U.S. Treasuries strengthened, pushing yields on the benchmark 10-year note down 2.2 basis points to 4.217%. Yields rose sharply last week as investors priced in the prospect that a Trump administration would likely favor big increases in spending that would further undermine the United States’ already stretched fiscal position.
“The U.S. earnings season is of course far from unimportant for the market overall and is well underway.” Investors seemed underwhelmed with the move, in part as it only emphasized how weak the economy was, and Chinese blue chips slipped 0.9% along with the yuan.
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