Asian equities refuse US buy-in
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Wall Street climbs but Asia hesitates
US equities had a mighty session overnight, powered by ISM and Non-Farm Payroll recovery hopes. However, Asia’s markets, less the sheep followers of Australia, have adopted a much more cautious tone. That is a pattern that repeated itself last week, where strong rallies on Wall Street were not replicated in Asia. Overnight the S&P 500 rose 1.44%, the Nasdaq rallied by 1.67%, and the Dow Jones finished 1.12% higher.
The schizophrenic behaviour of Wall Street last week, which spent it chasing its tail on a day-to-day basis, could be part of the reason. Doubts over the longevity of the rally overnight are as good a reason to be cautious as any. It could also be that investors globally, including Asia, are following the noise and concentrating on the seemingly effortless gains available on Wall Street. US index futures have also edged lower this morning after yesterday’s rally. Nagg