In this file photo, an investor looks at the stock index on his mobile phone near a display board at a brokerage in Beijing. Major Asian stock markets were mixed Tuesday, Dec. 26, 2017, in light trading after the Christmas holiday.Ng Han Guan/The Globe and Mail
Holiday-thinned trading was the biggest feature of global markets Tuesday, with stocks in emerging nations turning lower and most major currencies lacking direction. U.S. Treasury yields edged up as the securities resumed after a break.
Equities remained shut across the large European markets, as well as in parts of Asia including Hong Kong and Australia. Japanese benchmarks slipped from the highest levels since the early 1990s, helping to pull the MSCI Asia Pacific Index down, while shares in Dubai, Qatar and Russia were among the big losers in emerging markets. S&P 500 futures were flat as those for the Dow Jones slipped. The euro edged lower with the pound, while the Russian ruble, South African rand and South Korean won were the notable gainers. Gold extended its recent advance as silver also jumped.
Traders are finding little to get excited about as the stellar year for risk assets crawls to its end, with the possible exception of the cryptocurrency roller coaster. They may be opting to enjoy the relative calm – tensions continue to simmer between the U.S. and Russia, Italy's parliament is set to be dissolved for a risky European election, and big decisions on the American debt ceiling were merely kicked down the road. That has set up a potentially eventful 2018.
Elsewhere on Tuesday, West Texas oil held above $58 a barrel as trading resumed following the Christmas holiday and after U.S. explorers refrained from adding rigs for a second week. Bitcoin rallied as the biggest cryptocurrency attempted to shrug off a miserable five-day run.
Among the events in focus for investors this week: U.S. consumer confidence, home prices and trade data are on the schedule despite the holiday-shortened week. Italy's parliament is expected to be dissolved ahead of elections in 2018. Rate decisions this week include Argentina and Egypt. And these are the main moves in markets:
Stocks
The MSCI All-Country World Index dipped less than 0.05 per cent as of 10:59 a.m. London time. The MSCI Emerging Market Index declined 0.2 per cent, the biggest drop in more than a week. Futures on the S&P 500 Index was unchanged. The MSCI Asia Pacific Index declined 0.2 per cent, the biggest drop in more than a week.
Currencies
The Bloomberg Dollar Spot Index climbed less than 0.05 per cent. The euro declined 0.1 per cent to $1.186, the weakest in a week. The British pound dipped 0.1 per cent to $1.3364. South Africa's rand rose 0.2 per cent to 12.5835 per dollar, the strongest in nine months. The Russian ruble jumped 0.4 per cent to 57.7458 per dollar, hitting the strongest in two months with its eighth consecutive advance.
Bonds
The yield on 10-year Treasuries climbed less than one basis point to 2.48 per cent.
Commodities
Gold increased 0.2 per cent to $1,278.34 an ounce, hitting the highest in more than three weeks with its fifth consecutive advance. West Texas Intermediate crude decreased 0.1 per cent to $58.44 a barrel, the first retreat in more than a week. Silver gained 0.6 per cent to $16.43 per ounce, the highest in more than three weeks.