Asian equities rise, ignore US NFP
February 8, 2021SharePrint
Asian equities start the week on a positive note
On Friday, the weak US Nonfarm Payrolls report could not quash Wall Street’s fiscal stimulus animal spirits, which were helped along by a continuing stream of strong Q4 earnings releases. The S&P 500 rose 0.39%, the Nasdaq rose 0.57%, and the Dow Jones rose 0.28%. Futures on all three indexes have risen strongly by over 0.50% today in a Superbowl slipstream.
As noted above, the break of 29,000 today has seen the Nikkei 225 rise by over 2.0%. By contrast, the Kospi has edged 0.25% lower after Kia said it was not in electric car talks with Apple. Elsewhere though, it is a sea of green.
Gold sends for Spandau Ballet
February 5, 2021SharePrint
Gold slides below 1800
US yields firmed overnight, notably in the 30-year tenor. Hopes rose overnight that the Biden stimulus would pass through the US Senate relatively intact. The prospect of a juicy wave of government spending and borrowing sent longer yields higher, boosting the US dollar, but also lifted US equities, with Wall Street’s rally resuming.
Significant casualties of note were the euro and the Australian dollar, both of whom were looking wobbly of late anyway. But it was gold that really felt the pain of higher US yields and a stronger greenback. Gold fell 2.20% to USD1793.00 an ounce, leaving it desperately wanting someone to call it indestructible and to believe in its soul as an inflation hedge.
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