The great rotation into value stocks continues, lifting global markets

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Good morning, Bull Sheeters. And happy Armistice Day to all you veterans. The risk-on rotation is in full swing as vaccine optimism continues to buoy global markets.

Bank stocks and futures are flat today, but energy continues to rumble forward, helped by rising crude prices. The two-day sell-off in tech stocks, meanwhile, is on pause—with Chinese tech stocks the big exception.

Let’s check in on the action.

Markets update


  • The major Asia indexes are mixed in afternoon trading with Japan’s Nikkei up 1.8%.
  • It’s Singles’ Day, Alibaba’s mega online shopping event. This year it’s expected to shatter records, already pulling in more than $56 billion in sales.
  • Online retail therapy can’t help Chinese tech stocks. Last week’s abruptly halted
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vaccine hopes, Biden bounce in play By Reuters

© Reuters. A U.S flag is seen on the New York Stock Exchange in the Manhattan borough of New York City

By Ritvik Carvalho and Thyagaraju Adinarayan

LONDON (Reuters) – Joe Biden’s U.S. presidential election win and a promising vaccine breakthrough have combined to propel global stock markets to record highs in the last week, upending the virus-led investment strategies that have been in play since March.

From airline shares to commodity currencies, investors have stormed into riskier market segments as the election outcome and the likelihood of a COVID-19 vaccine becoming available by early 2021 have brightened the outlook for the world economy.

Here are seven charts showing the shift in sentiment over the last one week:


Global renewable energy stocks have surged as Biden’s promise to set a U.S. goal for net-zero emissions by 2050 amplifies the rush sparked by

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