Global Markets Face Downward Pressure, Bitcoin Shows Resistance Near $35K

Major indices worldwide remained subdued on Wednesday with a downward bias. Investors remained cautious with the Trump impeachment vote in focus.

The Dow futures are up by 0.08%, and the S&P 500 futures are trading higher by 0.10% on the last check Wednesday. WTI crude futures are up by 0.45% to $53.45, and gold futures are up 0.70% at $1,857.10. Ten-year Treasury yield is down by 2.4 bps at 1.114%.

Bitcoin is showing resistance near $35,000 levels, down 2.78% at $34,806, and Ethereum was down 4.07% at $1,070.90 on the last check. Bitcoin Whale accounts increased to all-time highs during the crypto plunge. The VIX futures are up by 0.11% to 23.35.

Asia: Japan’s Nikkei 225 closed higher by 1.04%, led by mining and energy stocks. The nation’s machine tool orders grew 8.7% year-over-year. PPI and core machinery orders data are due today.

China’s Shanghai Composite retreated 0.57% after Tuesday’s huge rally. Consumer, healthcare, and services stocks fell, partially offset by gains in utility shares.

Australia’s S&P/ASX 200 closed higher by 0.11%, led by big gains in energy and metal shares, partially offset by losses in consumer and technology stocks. Building approvals data is due later today. Hong Kong’s Hang Seng fell 0.15%.

India’s Nifty 50 index is trading lower by 0.25% at press time, after three sessions of gains. Pharma and consumer stocks pushed the index lower. The nation’s CPI rose 4.59% YoY in December, while its Industrial production dipped 1.9% YoY. 

South Korea’s KOSPI closed higher by 0.71%.

Europe: Euro Stoxx 50 is trading higher by 0.22% at press time, with upcoming industrial production data in focus.

London’s FTSE 100 is trading higher by 0.17% at publication time, led by gains in energy stocks, partially offset by losses in bank stocks. House price balance data is due later today.

Germany’s DAX is trading higher by 0.13%. The country’s WPI fell 1.2% YoY but rose 0.6% MoM. 

France’s CAC 40 has gained 0.37% at press time, and Spain’s IBEX 35 is up 0.31%.

Forex Trading: U.S. Dollar Index futures are up 0.05% to 90.112. The dollar has strengthened by 0.15% against the Euro, 0.07% against the Japanese Yen, and 0.08% against the Chinese Yuan, but lost 0.25% against the Sterling Pound.

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