(Bloomberg) — Stocks rose in Europe and Asia on Wednesday as investors continued a rotation into cyclical industries at the expense of technology shares. Crude oil rose.Gains in travel, energy and consumer stocks pulled the Stoxx Europe 600 Index higher at the open. Tech shares underperformed, including Dutch Internet provider Prosus NV.Equities in Japan, Korea and Australia climbed more than 1%, but a technology selloff in China deepened following Beijing’s crackdown on the Internet industry.The picture was brighter for U.S. акции. Nasdaq 100 futures edged higher along with contracts on the S&P 500, whose underlying benchmark pulled back from a two-month closing high Tuesday.Since Monday’s ebullient vaccine-driven stock rally, investors have become more sober about the realities of delivering the shot to billions of people. Meanwhile, the transition of power to President-elect Joe Biden may be a rocky one with President Donald Trump still challenging the election results.“It’s clear that we are getting a lot of rotation, but the actual roll out of vaccines is going to take months,” Patrik Schowitz, global multi-asset strategist at JPMorgan Asset Management, said on Bloomberg TV. “Sure, markets are going to price that in well ahead of the actual things happening in the real economy and on the ground. But we’ll get a first burst of rotation and after that it will slow down markedly.”Chinese technology giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd shed almost $260 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms.Treasury futures were steady, with the cash market closed for a U.S. holiday.Read how Wall Street is jumping on the value trainThe coronavirus is roaring back in U.S. cities, with hospitalizations in the country reaching a record and cases topping 1 million in the first 10 days of November. A public vaccination campaign could begin by spring, Health and Human Services Secretary Alex Azar said.These are some key events coming up:European Central Bank President Christine Lagarde, Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World.”U.S. CPI data for October is due on Thursday.Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.These are some of the main moves in markets:StocksThe Stoxx Europe 600 Index increased 0.5% as of 8:29 a.m.
(Bloomberg) — Stocks rose in Europe and Asia on Wednesday as investors continued a rotation into cyclical industries at the expense of technology shares. Crude oil rose.Gains in travel, energy and consumer stocks pulled the Stoxx Europe 600 Index higher at the open. Tech shares underperformed, including Dutch Internet provider Prosus NV.Equities in Japan, Korea and Australia climbed more than 1%, but a technology selloff in China deepened following Beijing’s crackdown on the Internet industry.The picture was brighter for U.S. акции. Nasdaq 100 futures edged higher along with contracts on the S&P 500, whose underlying benchmark pulled back from a two-month closing high Tuesday.Since Monday’s ebullient vaccine-driven stock rally, investors have become more sober about the realities of delivering the shot to billions of people. Meanwhile, the transition of power to President-elect Joe Biden may be a rocky one with President Donald Trump still challenging the election results.“It’s clear that we are getting a lot of rotation, but the actual roll out of vaccines is going to take months,” Patrik Schowitz, global multi-asset strategist at JPMorgan Asset Management, said on Bloomberg TV. “Sure, markets are going to price that in well ahead of the actual things happening in the real economy and on the ground. But we’ll get a first burst of rotation and after that it will slow down markedly.”Chinese technology giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd shed almost $260 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms.Treasury futures were steady, with the cash market closed for a U.S. holiday.Read how Wall Street is jumping on the value trainThe coronavirus is roaring back in U.S. cities, with hospitalizations in the country reaching a record and cases topping 1 million in the first 10 days of November. A public vaccination campaign could begin by spring, Health and Human Services Secretary Alex Azar said.These are some key events coming up:European Central Bank President Christine Lagarde, Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell are among the speakers Thursday at an online ECB Forum entitled “Central Banks in a Shifting World.”U.S. CPI data for October is due on Thursday.Finance ministers and central bankers from the Group of 20 hold an extraordinary meeting Friday to discuss bolder action to help poor nations struggling to repay their debts.These are some of the main moves in markets:StocksThe Stoxx Europe 600 Index increased 0.5% as of 8:29 a.m.
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