(Bloomberg) -- U.S. futures climbed with Asian stocks amid expectations that President-elect Joe Biden has a clearer path to boosting fiscal stimulus after key elections. Treasuries held losses on concern about a rising debt burden and the risk of faster inflation.
A gauge of Asia-Pacific shares was on track for another record Thursday, while S&P 500 and Nasdaq 100 futures also advanced. The Democrats’ victory in two key Georgia runoffs gives them control of the U.S. Senate and has reignited the so-called reflation trade that bets on a global recovery from the pandemic.
Earlier, the S&P 500 trimmed an advance of as much as 1.5% but still closed in the green, after protesters stormed the U.S. Capitol. Calm was later restored. Elsewhere, the dollar ticked higher. Oil rose and gold was little changed.
Hong Kong missed out on the Asia rally, weighed down by declines in Alibaba Group Holding Ltd. and Tencent Holdings Ltd. after reports that the Trump administration may bar investments in China’s two most valuable companies. The New York Stock Exchange’s plan to delist three major Chinese telecommunications firms also sapped sentiment.
Investors focused on the policy implications of the Democrats winning control of the U.S. Senate, as lawmakers resumed the politically charged process of ratifying Biden’s victory in the presidential election. Hours earlier, a pro-Trump mob had stormed the U.S. Capitol and driven lawmakers from their chambers.
Share markets in Asia appeared to look past the unrest and chose “to focus on the prospects for more stimulus coming from the outcome in Georgia,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital.
In the latest minutes released Wednesday, the Federal Open Market Committee issued guidance it would continue purchases of bonds at least at its current pace until the economic recovery had made “substantial further progress.”
Meanwhile, shares of Twitter Inc. dropped in after-hours trading after the platform suspended President Donald Trump’s account for egging on a violent mob that stormed the Capitol building.
These are some of the main moves in markets:
Stocks
S&P 500 futures rose 0.7% as of 6:50 a.m. in London. The S&P 500 gained 0.6%.Japan’s Topix index climbed 1.7%.Australia’s S&P/ASX 200 Index climbed 1.6%.South Korea’s Kospi index rose 2.1%.Hong Kong’s Hang Seng Index fell 0.5%.Shanghai Composite Index added 0.2%.Euro Stoxx 50 futures rose 0.3%.
Currencies
The yen was at 103.21 per dollar, down 0.2%.The offshore yuan traded at 6.4393 per dollar.The Bloomberg Dollar Spot Index climbed less than 0.1%.The euro was at $1.2322.
Bonds
The yield on 10-year Treasuries rose one basis point to 1.05% after surging eight basis points.Australia’s 10-year bond yield rose two basis points to 1.09%.
Commodities
West Texas Intermediate crude climbed 0.9% to $51.09 a barrel.Gold rose 0.3% to $1,925.27 an ounce.
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