GLOBAL MARKETS-Global equities hover near record highs as stimulus hopes build

By David Randall
NEW YORK, Dec 2 (Reuters) - World equity benchmarks hovered
record highs and the dollar edged off of 2-1/2-year lows on
Wednesday as investors weighed the first approval of a
coronavirus vaccine and the prospects of more U.S. economic
stimulus with disappointing American jobs data.
Britain approved Pfizer's PFE.N COVID-19 vaccine on
Wednesday, jumping ahead of the United States and Europe to
become the first country to do so for the newly-developed
treatment. Inoculations should begin among the most vulnerable
segments of its population early next week. U.S. health officials have announced plans to start
vaccinating Americans as early as mid-December, once regulatory
approvals are in place.
"Early vaccines will help bolster the reflation and normalcy
trade, which has been the key macro theme in driving equity
markets," said Neil MacKinnon, global macro strategist at VTB
Capital.
Yet disappointing private jobs data in the United States
kept a lid on gains and helped support safe-haven assets.
Employers added 307,000 jobs last month, well below the 410,000
expected by economists polled by Reuters, according to the ADP
National Employment Report. The dollar index =USD rose 0.15%, while U.S. benchmark
10-year notes US10YT=RR were last down 1/32 in price to yield
0.9376%, from 0.934% late on Tuesday.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.05% following modest gains in Asia and mixed trading in
Europe.
In morning trading on Wall Street, the Dow Jones Industrial
Average .DJI fell 179.39 points, or 0.6%, to 29,644.53, the
S&P 500 .SPX lost 12.27 points, or 0.34%, to 3,650.18 and the
Nasdaq Composite .IXIC dropped 71.33 points, or 0.58%, to
12,283.78.
U.S. stock benchmarks closed at record highs on Tuesday.
"General risk sentiment is unchanged - perhaps there's a bit
of consolidation today but that's understandable given where
we've come from since November," said Derek Halpenny, EMEA head
of research for global markets at MUFG. The dollar lost more
than 2.5% of its value in November.
Markets were buoyed on Tuesday after top U.S. Senate
Republican Mitch McConnell said that Congress should include new
coronavirus stimulus in a $1.4 trillion spending bill aimed at
heading off a government shutdown in the midst of the pandemic.
U.S. President-elect Joe Biden told the New York Times his
priority is getting a generous aid package through Congress even
before he takes office in January. Gold XAU= rose 0.6% as signs of progress on the relief
package bolstered bullion's appeal as a hedge against possible
inflation.
Oil prices dipped after OPEC and its allies left markets in
limbo by postponing a formal meeting to decide whether to lift
output in January.
U.S. crude CLc1 recently fell 0.09% to $44.51 per barrel
and Brent LCOc1 was at $47.40, down 0.04% on the day.
Oil has raced up nearly 30% over the last month.

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