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The Asian market is up big on Monday, with oil and gold also reporting a prolific weekend.
MSCI‘s broadest index of Asia-Pacific stocks outside of Japan opened with a 0.2% gain this morning, after rebounding 1.7% last week. Japan’s Nikkei rose 1%, following a survey of major manufacturers that showed sentiment was the best since late 2018.
On the Federal Reserve side, it is expected to signal a faster tapering of asset purchases this week, and thus an earlier start to rate hikes. However, the market is already well underway, with a hike to 0.25% and rates at 0.75% by the end of the year.
The Treasury market, meanwhile, has taken the risk of earlier Fed hikes in stride, perhaps in the belief that this will result in lower long-term inflation and a lower peak for the Treasury rate. Yields on 10-year bonds rose 12 points last week, but at 1.49%, they remain well below the year’s high of 1.776%.
“The outlook for global monetary policy in transition in several geographies at varying speeds is a recipe for volatility, and one could argue that the increased risks around the virus are as well,” comments John Briggs, global head of desktop strategy at NatWest Markets.
Also on Monday, the dollar index remains steady at 96.069, having held between 95.848 and 96.594 over the past week.
The dollar was a bit firmer on the yen at 113.52 but faced resistance at 113.95, while the euro was steady at $1.1313 after spending the past two weeks in a tight range between $1.1226 and $1.1382.
In commodity markets, gold was at $1,783 an ounce after getting some fleeting support from the high U.S. inflation reading.
Oil prices meanwhile extended their rebound, after breaking a six-week losing streak with gains of around 8% last week.
Read also > STOCK MARKET : A DIFFICULT WEEKEND FOR BITCOIN
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The Asian market is up big on Monday, with oil and gold also reporting a prolific weekend.
MSCI‘s broadest index of Asia-Pacific stocks outside of Japan opened with a 0.2% gain this morning, after rebounding 1.7% last week. Japan’s Nikkei rose 1%, following a survey of major manufacturers that showed sentiment was the best since late 2018.
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The Asian market is up big on Monday, with oil and gold also reporting a prolific weekend.
MSCI‘s broadest index of Asia-Pacific stocks outside of Japan opened with a 0.2% gain this morning, after rebounding 1.7% last week. Japan’s Nikkei rose 1%, following a survey of major manufacturers that showed sentiment was the best since late 2018.
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