Global stock markets continue a very modest rally, led higher by major gains in Japanese equities.
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Stock markets have continued to edge higher, although the moves are mostly relatively small and remain below recent all-time highs, most notably in the S&P 500 Index, although that index's record high is in sight. The big leader today is Japan, with the Nikkei 225 Index rising by more than 2% over the session.
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Yesterday's release of the ADP Non-Farm Employment Change estimation showed that a small number of net losses were actually recorded last month, suggesting a slowing US economy. This was only a little worse than expected, however, and US ISM Services PMI data came in stronger than expected, which contradicts that.
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Bitcoin is looking stronger but has been held at the resistance level of $93,808 over the past couple of days. If the price can get established above that level, we are likely to see a further rise over the short-term.
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Sources within the Japanese government are saying that Japan will raise its interest rate by 0.25% later this month to 0.75%, which would be the first hike since last January. The Japanese Yen Index has been rising over the past week after falling for several months, and a hike might give more impetus to the Yen's gains.
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In the Forex market, since the Tokyo open the Australian Dollar has been the strongest major currency while the Swiss Franc has been the weakest. The USD/MXN currency pair is testing very long-term lows. Many Forex brokers pay positive swap on short positions, which could make this an attractive carry trade.
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There will be a release of US Unemployment Claims data today.
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