S&P 500 Futures wobble around 3,350 even as Nikkei 225 gains over 1.0%

S&P 500 Futures rises to 3,354, up 0.05% on a day, during the initial hour of Tokyo open on Tuesday. The risk barometer recently picked up the bids as  |  11/08/2020 01:55
  • S&P 500 Futures recover early-Asian session losses following its bounce off 3,347.
  • The risk gauge cheers hopes of further stimulus, return of Japanese traders.
  • Coronavirus woes, fears of escalating US-China tension gain a little attention.

S&P 500 Futures rises to 3,354, up 0.05% on a day, during the initial hour of Tokyo open on Tuesday. The risk barometer recently picked up the bids as Japanese traders return after the extended weekend. Also supporting the mild optimism is increasing odds of the US stimulus.

Traders from Tokyo welcome the US catalysts suggesting the break of stimulus deadlock while returning from Monday’s Mountain Day off. American President Donald Trump’s executive orders concerning the jobless claims and other help to combat the coronavirus (COVID-19) pushed Democratic Party members to return to the negotiation table for the much-awaited stimulus package.

It should also be noted that the Republican leaders’ sanctioning of 11 Chinese diplomats and the banning of business with TikTok and WeChat strengthened the Washington-Beijing tension. In retaliation to the US moves, Beijing also increased hardships for 11 of the American diplomats. Though, the People’s Bank of China (PBOC) Governor Yi Gang struck an upbeat tone while saying “China will continue implementing the phase-one economic and trade agreement with the United States, while measures announced to open up china's financial sector will continue.”

Following that, US President Trump exerted more pressure on the Asian major while saying phase one deal means “very little” to him.

Against this backdrop, the market’s risk-tone remains mildly positive with Nikkei 225 rising over 1.00% to 22,568 while the US 10-year Treasury yields stay upbeat near 0.577% by the press time.

Although the economic calendar in Asia remains silent, Japanese traders’ return will offer notable moves to the risk catalysts and offer an active session ahead.

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