GLOBAL MARKETS-Asian markets firmer as retail frenzy unsettles outlook

By Imani Moise
Feb 2 (Reuters) - Asian markets looked set for a modestly
firmer start on Tuesday as global markets faced another chaotic
week, with retail investors expanding their duel with Wall
Street into commodities and driving up the price of silver.
In early Asian trade, Australia's S&P/ASX 200 benchmark
.AXJO was up 0.81% and South Korea's KOSPI .KS11 up 0.79%,
adding to a rally in the previous session. Japan's Nikkei
JNIc1 futures rose 0.6% and Hong Kong's Hang Seng index
futures HSIc1 eased 0.1%.
E-mini futures for the S&P 500 EScv1 inched 0.07% higher
in early trading.
Institutional investors are still digesting the retail
trading frenzy that has boosted GameStop Corp and other so
called meme stocks in recent sessions against their financial
fundamentals.
On Monday, amateur investors who have been organizing on
social media sites like Reddit and Twitter, set their sights on
silver, driving up mining stocks around the world and sending
precious metals dealers scrambling for bars and coins to meet
demand. Silver prices rose 6.3% after reaching an eight-year peak
during Monday trading, while spot gold XAU= rose 0.8% to
$1,860.93 per ounce. U.S. gold futures GCc1 settled up 0.7% at
$1,863.90. U.S. stocks also rallied after last week's selloff fueled by
gains in technology and mining companies.
The Dow Jones Industrial Average .DJI rose 229.29 points,
or 0.76%, to 30,211.91, the S&P 500 .SPX gained 59.62 points,
or 1.61%, to 3,773.86 and the Nasdaq Composite .IXIC added
332.70 points, or 2.55%, to 13,403.39.
The dollar index =USD rose 0.37% against a basket of
currencies to a six-week high of 90.955 in late afternoon
trading, rising on the back of evidence pointing toward a
stronger recovery from the coronavirus pandemic for the United
States than for other countries. U.S. Treasury yields were pushed down by expectations of
lower borrowing to fund economic stimulus measures after
Republicans unveiled their counter proposal to President Joe
Biden's $1.9 trillion stimulus plan with less than a third of
the funding.
The benchmark 10-year yield US10YT=RR was last down 2.5
basis points at 1.0689%.
The two-year yield US2YT=RR , typically an indication of
interest rate expectations, was last at 0.1113% and traded as
low as 0.107%, just above its all-time low of 0.105% reached in
May.
Brent crude LCOc1 settled up 2.4% at $56.35 a barrel. U.S.
crude CLc1 gained 2.6% to $53.55 as falling inventories and
rising fuel demand due to a massive snow storm in the Northeast
United States propped up prices.

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Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
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MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j
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