Global Markets Continue The Positive Trend After Monday's Massive Gains, Dollar Weakens

Markets across the globe continue to show optimism on Tuesday after clocking substantial gains on Monday on Joe Biden's victory and positive news from Pfizer Inc's PFE on its COVID-19 vaccine candidate.

The Dow futures are trading higher by 0.32%, and the S&P 500 futures are up by 0.20% in early trade on last check Tuesday. WTI crude futures are up 0.40% at $40.29, while gold futures have gained 1.75% to $1,886.80. The 10-Year Treasury Yields are down by 3.1 basis points to 0.927% after jumping on Monday.

Asia: Japan's Nikkei 225 closed higher by 0.26% on Tuesday, topping 2.12% gain on Monday. The Current Account data showed a surplus of ¥1.35 trillion in September, missing the consensus of ¥1.79 trillion. Bank lending grew 6.2% year-over-year in October, beating the consensus of 5.6% growth. 

China's Shanghai Composite benchmark fell 0.40% in Tuesday's close after the nation's Consumer Price Index in October declined 0.3% month-over-month, missing the consensus for 0.2% growth. The Producer Price Index also dropped 2.1% YoY, slightly more than a 2% decline consensus.

Australia's S&P/ASX 200 advanced 0.66% on Tuesday as National Australia Bank's (NAB) Business Confidence Index improved substantially — to five — in October, from minus 4 prior. NAB's Business Survey Index for October also improved to one.

Hong Kong's Hang Seng index closed up 0.85%, while South Korea's Kospi went up by 0.23%. South Korea's unemployment data is scheduled to release Tuesday.

India's Nifty 50 is trading higher by 1.25%, led by gains in PSU Banks and energy stocks, partially offset by losses in technology stocks.

Europe:  Euro Stoxx 50 gained 0.21% at press time Tuesday, after rallying a mighty 6.36% on Monday. Investors will be watching November's Economic Sentiment Index data due for release late Tuesday.

London's FTSE 100 index is trading higher by 0.61% after September's unemployment rate showed an uptick to 4.8%, in-line with expectations. However, the average earnings index grew 1.3%, beating the consensus of 1% growth.

Germany's DAX is up by 0.22% in early trade, after a 5% rally on Monday. November's Economic Sentiment Index for Germany will release late Tuesday.

France's CAC 40 is trading 0.57% higher despite the unemployment rate for the country rising to 9% in Q3. On the positive news front, France's September industrial production activity grew 1.4% MoM, significantly higher than the consensus of 0.8% growth.

Forex Trading: U.S. Dollar Index futures are trading lower by 0.08% to 92.638 on last check Tuesday as the dollar lost ground against major currencies. It lost 0.19% against the Euro to $1.1835, 0.41% against the Sterling to $1.3216, 0.31% against the Japanese Yen to ¥105.03, and lost 0.36% against the Chinese Yuan to CNY 6.6044.

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