Global stocks paused at all-time highs as investors assessed renewed optimism over U.S. stimulus talks and the prospect of more vaccine approvals. Treasury yields steadied and the dollar remained near a more than two-year low.

Shares edged up in Asia on Thursday, with Hong Kong stocks outperforming, while European and U.S. equity futures fluctuated after the S&P 500 closed at another record. House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer called for immediate talks and said a bipartisan $908 billion aid proposal should be the foundation for negotiations. The U.K. approved the Covid vaccine from Pfizer Inc. and BioNTech SE.

Elsewhere, Australia’s 10-year yield climbed through 1%. Oil edged lower. The pound clawed back some of Wednesday’s losses, which were sparked by the European Union’s chief Brexit negotiator Michel Barnier reportedly telling envoys the outcome of trade-deal talks is still too close to call.

FX Overnight News:

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• Global stock markets, and those in Europe are no exception, have seen strong gains on the idea that vaccines to combat the Covid-19 virus are coming shortly, returning the world’s economies back to some form of normalcy.
• On Wednesday, the U.K. became the first country to grant emergency approval to the Pfizer-BioNTech vaccine. The U.S. and Europe are expected to follow in short order, while drugmakers Moderna and AstraZeneca are also seen shortly offering up their products for approval.
• There was positive economic news earlier in the day, as the Caixin services Purchasing Managers' Index for November came in at 57.8, beating expectations and showing the Chinese economy is well on the way to recovery.
• The equivalent European figures are due later in the session, but are unlikely to be as upbeat given the restrictions in place throughout much of the continent to combat the latest surge of the virus.
• Another potential fly in the ointment could be the negotiations surrounding the future trading relationship between the U.K. and the European Union after the end of the post-Brexit transition period on Dec. 31.
• France warned Wednesday it could veto a trade deal between the two parties if it doesn’t like the terms, a move that could mean trade with the U.K. next year would become subject to tariffs and quotas.
• In corporate news, the French telecommunications company Orange announced plans late Wednesday to launch a takeover bid for its Belgian subsidiary Orange Belgium, valuing the unit at 1.3 billion euros ($1.57 billion).

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Source: Bloomberg, Investing.com, Finviz.com, Koyfin.com