- S&P 500 Futures recede from three-week high, probes four-day winning streak.
- Trump says “I will easily win” but latest polls from Georgia, Pennsylvania and Arizona say a different story.
- US coronavirus cases refresh the daily record with 109,000 new infections.
S&P 500 Futures decline to 3,492.75, down 0.35% intraday, amid Friday’s Asian session. The risk barometer surged to the highest since October 14 the previous day as global markets cheered increasing odds of the Democratic Party’s victory in the US elections. Also favoring the risks were the US dollar weakness after the Federal Reserve Chairman Jerome Powell talked a bit dovish while keeping the Fed rate unchanged.
Not only the 260+ election votes but the recent leads in the ballot counting of Arizona and Pennsylvania, not to forget edging over President Donald Trump’s front position in Georgia, the Democratic candidate Joe Biden is near to the White House.
Read: US election: Pennsylvania has major votes to count, Trump fades the lead in Georgia
With the Democrats’ stimulus-friendly nature, Wall Street pays a little heed to Trump’s challenges to the vote counts in various states while trying to block some counting, which could delay the final result.
Further, Fed Chair Jerome Powell managed to strike a downbeat tone while citing tail risk to the world’s largest economy. The Fed refrained from any policy moves during its meeting on Thursday. It should also be noted that the BOE Governor Andrew Bailey marked slightly positive comments and managed to please the markets even after adding to the Quantitative Easing (QE).
Elsewhere, the coronavirus (COVID-19) cases keep worrying about the US and European policymakers. While Italy and Spain have already announced major lockdowns, the latest COVID-19 numbers from the US, which refreshes daily record high, indicate unwelcome restrictions for the Americans.
Amid these plays, Japan’s Nikkei and Australia’s ASX 200 print mild gains whereas the US 10-year Treasury yields remain sluggish around 0.75% by press time.
Moving on, global markets should take care of US election updates for nearby direction while also observe US October month employment numbers, up for publishing at 13:30 GMT.
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