GLOBAL MARKETS-Stock market bull run continues, sterling faces Brexit test

* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Stocks continue to set new record highs
* Sterling stares down endgame for Brexit talks
* U.S. crude stockpile increase hits oil prices

By Stanley White
TOKYO, Dec 9 (Reuters) - Asian shares rose to a record high
and U.S. stock futures gained on Wednesday as investors tracked
positive news on COVID-19 vaccines and ongoing efforts to launch
more fiscal stimulus.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 0.65%. At one point the index reached
647.78, an all-time peak.
MSCI's gauge of stocks across the globe .MIWD00000PUS also
hit a record high.
Australian shares .AXJO gained 0.61%. Japan's Nikkei
.N225 rose 1.27% to approach a 29 1/2-year high. Sentiment got
an added boost after Japanese data pointed to a rebound in
capital expenditure. South Korean stocks .KS11 also jumped by 1.6% to trade
near a record high. Shares in China .CSI300 bucked the trend
and fell 0.68% on profit taking.
Euro Stoxx 50 futures STXEc1 rose 0.45%, German DAX
futures FDXc1 were up 0.37%, and FTSE futures FFIc1 in
London added 0.48%.
U.S. S&P 500 e-mini stock futures ESc1 rose 0.23% after
shares on Wall Street notched new record highs on Tuesday,
boosted by positive vaccine news and seeming progress on U.S.
stimulus talks.
The British pound was little changed before make-or-break
talks on a trade deal between Britain and the European Union.
"While hopes are still alive that a fresh stimulus package
for the United States will be agreed on soon, it is looking less
likely a Brexit deal will be made with negotiators from both
sides acknowledging a deal may not be achieved," analysts at ANZ
Bank wrote in a research memo.
"The next 24 hours will be critical and is likely to cause
market volatility depending on what is or isn't agreed."
The Dow Jones Industrial Average .DJI rose 0.35% on
Tuesday, the S&P 500 .SPX gained 0.28% and the Nasdaq
Composite .IXIC added 0.5%. U.S. policymakers continued to negotiate over additional
stimulus to help offset the economic impact of the pandemic
while pursuing a stopgap government funding bill.
Leaders in both parties remain adamant a deal must be struck
but are still working through sticking points, including aid to
state and local governments and business liability protections.
The steady march of positive news on COVID-19 vaccines
helped lift investor spirits.
Britain on Tuesday became the first Western nation to begin
a wide vaccination campaign, and Johnson & Johnson JNJ.N
reported it could obtain late-stage trial results for a
single-dose vaccine in January, earlier than expected.
Meanwhile, Pfizer Inc PFE.N cleared another hurdle when
the U.S. health regulator released documents flagging no new
safety or efficacy concerns. But the looming prospect of a "no deal" Brexit weighed on
sentiment for sterling GBP=D3 , which last traded at $1.3379
and at 90.68 pence per euro EURGBP=D3 .
British Prime Minister Boris Johnson will meet Ursula von
der Leyen, president of the EU's executive European Commission,
for dinner in Brussels on Wednesday to try and close gaps their
negotiators have struggled with for months. Against a basket of currencies =USD the dollar sat at
90.802, which is just above a two-and-a-half-year low it hit on
Friday as optimism about vaccines lured short sellers.
Highlighting the dollar's weakness, the offshore Chinese
yuan CNH=D3 strengthened past 6.5000 to reach the strongest
level in more than two years. The onshore yuan CNY=CFXS also
traded near its highest in more than two years.
Benchmark U.S. 10-year Treasury yields US10YT=RR edged up
to 0.9394% on Wednesday. Some dealers say expectations for more
fiscal spending could push yields up more in the future.
Brent crude futures LCOc1 fell 0.27% to $48.71 a barrel,
while U.S. West Texas Intermediate futures CLc1 fell 0.24% to
$45.49 following a rise in U.S. crude inventories. O/R
Spot gold XAU= fell from a two-week high to $1,858.26 per
ounce as the start of vaccine treatment reduced safe harbour
demand for the precious metal.

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