Asian stocks climbed along with U.S. and European futures Tuesday, aided by positive factory activity data and optimism that vaccines will bolster the global economy. The dollar dipped.

Shares advanced across Asia Pacific with equities in China and South Korea outperforming. Factory activity in some of North Asia’s biggest export-led economies rebounded in November, with a manufacturing purchasing managers’ index in China hitting a decade high.

S&P 500 futures rose after the benchmark fell the most in more than a week but closed out its best month since April. Gold edged up and Bitcoin traded near a record. Oil fell for a third day as OPEC+ sought more time to reach a deal on production policy after a meeting broke down without an agreement.

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FX Overnight News

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• Moderna sought clearance on Monday for its coronavirus vaccine in both the U.S. and Europe after full results from a late-stage study showed it was 94.1% effective, with no serious safety concerns.
• This adds to potential vaccines from both Pfizer and AstraZeneca which look set to be rolled out in the near future, and increases hopes of a swift economic rebound next year.
• Meanwhile, earlier Tuesday the Caixin manufacturing Purchasing Managers Index came in at 54.9 in November, showing that activity in China's factory sector, an important global growth driver, accelerated at the fastest pace in a decade.
• In Europe, the spread of the Covid-19 virus appears to be weakening in a number of countries, but the economic impact continues to be felt.
• U.K. fashion group Arcadia collapsed into administration late on Monday, with more than 13,000 retail jobs at risk. Deloitte has been appointed the group's administrator and will now seek buyers for brands like Topshop, Burton and Dorothy Perkins.
• The economic data slate in Europe includes German unemployment, Euro-zone inflation as well as PMI data for the region.
• In corporate news, outside of the hard hit retail sector, Bayer may be in focus after a U.S. federal judge rejected its proposed $648 million settlement of class-action litigation by cities and other claimants over contamination from polychlorinated biphenyls, or PCBs, made by Monsanto, which Bayer bought in 2018.

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Today's Economic Calendar

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FX Overnight Volatility

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FX Performance Matrix

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Chart of the Day

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

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