Asian stocks rallied after China reported a strong trade surplus this weekend, and South Korea hiked their GDP forecast to 5.9% today. Yet Japan was the relative underperformer likely due to Sunday’s shock election results which could threaten fiscal reforms.
China: +1.1% (CSI 300)
South Korea: +0.6% (KOSPI)
Asia: +0.2% (MSCI Asia Apex 50)
Hong Kong: +0.3% (Hang Seng)
Japan: -0.4% (Nikkei)
European stocks are fighting around break-even, and the euro has been weakening over the last 12 hours. Spain may have won the world cup, but their bond yields are rising again.
London: +0.05% (FTSE 100)
Frankfurt: +0.05% (DAX)
Paris: -0.1% (CAC 40)
The Euro: $1.258 (-0.5%)
Spanish 10-year yield: 4.7% (+0.15%)
Oil made a nice rally since July 7th, and over the weekend, but is losing steam today. The Baltic Dry Index continues to nose-dive.
Dollar Index: +0.5% (DXY 84.4)
Gold: -0.1% ($1,208)
Oil: -0.8% (Light Sweet Crude $74.82)
Baltic Dry Index: -1.96% (BDI 1,902)
U.S futures aren’t taking their cues from Asian strength, however, and are routing:
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