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RiskOn Mood Continues as Stocks Rise Further; ZEW, Empire State, Japan Machinery Orders

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Note The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts.

Rates as of 0500 GMT

Market Recap

Not quite as riskon as it was yesterday; the US stock markets were closed for a holiday, and one or two markets globally not many more were down slightly. But still the riskon mood continues as equity indices around the world move further into record territory thanks to optimism on the vaccine rollout and the increasing likelihood that the US will pass President Bidens full 1.9tn stimulus package.

In Europe, Germanys DAX 0.4 hit a record high yesterday, while the STOXX 600 1.3, the CAC 40 1.5 and the FTSE MIB 0.8 all hit their highest levels since the pandemic began. Vaccine hopes sent the STOXX 600 Travel Leisure index up 2.7.

As I mentioned yesterday, Japans Nikkei closed above 30,000 for the first time since 1990 and this morning is up a further 1.3, while Hong Kong came back from vacation and pushed the Hang Seng up 1.7. And equity futures are pointing towards yet more alltime highs in the US, with SP 500 futures up 0.6.

With stock markets soaring, bond yields also rose US 10year yields 2.3 bps and the yield curve steepened further. Yields moved higher across Europe too, with German Bunds yields rising to their highest level since June and UK Glits to their highest level…

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