The world is hoping and working towards mass vaccination. Together with optimism about ending the pandemic, the upcoming U.S. stimulus program could also account for why stocks opened high on Tuesday at a global scale.
A financial analyst at SpreadEx, Connor Campbell, said that after dealing with Donald Trump's impeachment, Congress can now focus on the stimulus package, planned to be in place by mid-march.
Amid stimulus, futures on the Dow Jones, S&P 500, and Nasdaq all increased by 0.4% and 0.6%.
As for the oil, experts fear the oil supply could be disrupted due to an unparalleled freeze in the U.S. The arctic freeze gripping has caused multiple power outages in Texas. The temperature in the biggest crude-producing state of the U.S. has been the lowest compared to preceding decades. The blackout series have already disrupted the production of oil for about one million oil barrels.
Overall, the oil price has reached the pre-pandemic rate and is in its momentum. Brent Crude increased by 0.1% and reached $63.29 a barrel. Texas Intermediate rose 0.8%, reaching $59.95 a barrel.
Regarding cryptocurrencies, on the Binance exchange, bitcoin reached $49,998. Binance provides a platform for trading various cryptocurrencies. It has been the most popular platform among bitcoin traders within the last 24 hours. In addition, Bloomberg reported that Morgan Stanley's investment arm is considering to bet a $150 billion investment on bitcoins. However, Stanley has not commented on the matter yet.
When it comes to Europe, FTSE 100 from the U.K. went up by 0.5%, the Euro Stoxx rose by 50, and Germany's DAX has not experienced any change. According to Reuters, after booking 160 million doses, the E.U. intends to purchase 150 million vaccine doses from the U.S. pharmaceutical group Moderna.
Speaking of Asia, most major indexes rose. China's Shanghai Composite increased by 1.4%. Hong Kong's Hang Seng by 1.9%, and Japan's Nikkei by 1.2%.