The Australian share market is set to rebound on Wednesday, as Sydneysiders under COVID-19 restrictions hope for positive news about how they will spend Christmas.
As of 8:15am, futures in the ASX 200 are trading one per cent higher to 6,572 points.
The benchmark finished 1.05 per cent lower on Tuesday at 6,599.6.
It has been trading down since Friday, when travel restrictions were starting to be mandated on Sydney travellers due to COVID, just a week out from Christmas.
Travel and financial stocks have been especially hit by that unwanted news.
This morning, the NSW Premier is set to make a decision on social gathering restrictions over Christmas for people in Greater Sydney and the virus hotspot on the northern beaches.
People's worst fears about a worsening outbreak have so far not been realised.
The number of cases being diagnosed has been tracking down, from 30 on Sunday to just eight yesterday.
Overseas markets have mixed results
European stocks also had an especially tumultuous day during Monday trade (local time) after a reportedly new strain of the virus shook England.
But they have now largely recovered ground, with European shares posting their best day in six weeks during Tuesday (local time) trade.
The pan-European STOXX 600 finished up 1.2 per cent up, recovering from a more than 2 per cent slide in the previous session.
London's blue-chip FTSE also reversed early losses, as data showed Britain's economic recovery from its coronavirus crash was quicker than previously thought in the third quarter.
The index closed 0.6 per cent higher, breaking a three-day losing streak.
As well as the implications from COVID-19, the European markets' recovery comes as the continent tries to finally resolve uncertainty around Brexit.
The EU is giving a "final push" in a bid to strike a Brexit trade deal with Britain, its chief negotiator said on Tuesday.
Meanwhile, US stocks offered up mixed results.
The S&P 500 had a rocky day and eventually closed lower.
That comes as US Congress passes a $US892 billion economic relief package that includes unemployment benefit and support for people struck by the pandemic.
The Dow also closed lower.
But the tech-heavy Nasdaq ended in positive territory, as Apple announced it plans to sell an electric passenger vehicle by 2024.
ABC/Wires
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2020-12-22 20:27:00Z
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