GLOBAL MARKETS-Stocks rise as vaccines, Biden presidency lift global confidence

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* After delay, U.S. government officials nod to Biden
transition
* Dow industrials index trades over 30,000 for first time
* Bitcoin trades over $19,000, eyes record high

By Katanga Johnson
WASHINGTON, Nov 24 (Reuters) - Asian stocks made early gains
on Wednesday, following a world rally overnight that saw the Dow
Jones benchmark crack 30,000 for the first time as investors
cheered a dramatically improved global outlook.
The main drivers of that exuberance were increasing
confidence a COVID-19 vaccine would be ready soon and the formal
start of U.S. president-elect Joe Biden's transition to the
White House, which ends weeks of post-election political
uncertainty.
As investors look to 2021, analysts say they are betting the
economic recovery will gain steam and that forthcoming virus
vaccine shots will ease uncertainty and enable people to pack
airplanes and fill stadiums, restaurants and other places
hardest hit by crisis.
President Donald Trump's apparent willingness to comply with
the formal transfer of power also boosted investor sentiment,
following weeks of legal challenges to the election results. The
General Services Administration told Biden this week that he
could formally begin the handover process. Reports that Biden planned to nominate former Federal
Reserve Chair Janet Yellen as Treasury Secretary -- a move that
could shift the focus heavily toward efforts to tackle growing
economic inequality -- also cheered markets. Australia's S&P/ASX 200 .AXJO rose 0.77% and Japan's
Nikkei 225 .N225 gained 1.16% in early trading.
Hong Kong's Hang Seng index futures .HSI HSIc1 rose
0.24%.
E-mini futures for the S&P 500 EScv1 rose 0.17% and
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 0.36%.
"Sentiment is running very hot as we come to the end of a
cracker month for risk assets, so it does make you wonder
whether the market is starting to exhibit signs of euphoria, and
is due for a bit of a retracement in the short-term," said IG
Australia markets analyst Kyle Rodda.
"But for all the risks the pandemic poses over the next few
months...market participants appear happy to look through it
all, and position for a post-pandemic world."
On Wall Street, the Dow Jones Industrial Average .DJI rose
1.54%, the S&P 500 .SPX gained 1.62% and the Nasdaq Composite
.IXIC added 1.31%.
The pan-European STOXX 600 index .STOXX rose 0.91% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.08%. Emerging market stocks rose 0.45%.
Bitcoin BTC=BTSP rose over 5% and has $20,000 in sight,
with traders expecting volatility ahead due partly to Thursday's
Thanksgiving holiday in U.S. markets. Gold fell for the fifth
session in six.
"Trading conditions are likely to be volatile for the
remainder of the week and crypto traders should expect $1,000
swings in the matter of minutes," Edward Moya, senior market
analyst at OANDA in New York.
U.S. crude CLc1 fell 0.18% to $44.83 per barrel and Brent
LCOc1 was at $47.91, up 4.02% on the day while the dollar
index =USD fell 0.395%, under pressure from Yellen's expected
push for fiscal stimulus, analysts say.
The yield on benchmark 10-year notes US10YT=RR rose to
0.8848%, from 0.882% late on Tuesday.
Spot gold XAU= dropped 0.1% to $1,806.36 an ounce.

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Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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