Stocks or commodities are both are continuing to rally in Asia on Wednesday, continuing on the form seen earlier this week.
The Donald Trump risk rally is showing no signs of slowing down.
In stocks, the ASX 200 in Australia is leading the charge higher, taking its gains from the lows of November 9 to 8%.
Materials are leading the way, thanks to some enormous gains in bulk commodity prices overnight. Financials, the largest component of the index by market cap, are also doing well.
Elsewhere in the region the gains are more muted, or down in the case of the Philippines, Indonesia and the Shenzhen Composite in China.
Developed markets are, on the whole, outperforming.
Currency markets are quiet with the US dollar up against all major currencies in the region aside from the Japanese yen and the Australian and New Zealand dollars.
This is despite a modest decline in US 10-year bond yields.
The Australian dollar, like the nation’s stock market, is the standout performer, seemingly taking its cues from strength in commodity prices rather than the release of a weak construction report for the September quarter which looks set to weigh heavily on Australian GDP.
In commodities, all of the movement is in the bulks and base metals, particularly the former. Iron ore futures traded on the Dalian Commodities Exchange are currently up 8.5%, taking its gains from the lows of Monday to more than 15%.
The gains in coking coal, coke and base metals are more muted, while Brent crude futures are flat as traders ponder what will happen at next weeks OPEC meeting.
Precious metals are sitting on the fence with gold down and silver up, albeit the moves are modest.
Here’s the scoreboard as at 2.25pm in Sydney:
- Australia ASX 200 5474.60 , 1.13%
- NZ NZX 50 6837.18 , 0.31%
- Japan TOPIX 1447.50 , 0.32%
- Shanghai Comp 3256.46 , 0.25%
- Shenzhen Comp 2135.75 , -0.10%
- HK Hang Seng 22725.47, 0.21%
- Sth Korea KOSPI 1994.87 , 0.57%
- Sinagpore STI 2835.98 , 0.49%
- Taiwan TAIEX 9200.1 , 0.73%
- Philippines PSI 6775 , -0.41%
- Indonesia JKSE 5192.61 , -0.23%
- Thailand SET 1490.68 , 0.34%
- S&P 500 Futures 2202.5 , 0.10%
- AUD/USD 0.7417 , 0.22%
- NZD/USD 0.7060 , 0.01%
- USD/JPY 111.04 , -0.07%
- USD/CNY 6.8923 , 0.06%
- USD/CNH 6.9170 , 0.07%
- USD/HKD 7.7554 , 0.00%
- USD/KRW 1174 , 0.46%
- USD/SGD 1.4255 , 0.15%
- USD/TWD 31.89 , 0.39%
- USD/PHP 49.91 , 0.06%
- USD/IDR 13474 , 0.25%
- USD/THB 35.49 , 0.03%
- USD/INR 68.40 , 0.02%
- US Dollar Index 100.98 , -0.06%
- Brent Crude $49.05 , -0.14%
- Gold $1,214.42 , 0.21%
- Silver $16.70 , 0.41%
- SHFE Copper ¥45,880 , 0.59%
- SHFE Aluminium ¥14,265 , 0.81%
- SHFE Zinc ¥21,540 , 0.07%
- SHFE Nickel ¥93,080 , 0.45%
- SHFE Rebar ¥2,939 , 4.00%
- DCE Iron Ore ¥614.50 , 8.57%
- DCE Coking Coal ¥1,571.00 , 1.13%
- DCE Coke ¥2,163.50 , 2.49%
10-Year Government Bond Yields
- United States 2.314% , -0.005%
- Japan 0.017% , 0.005%
- Australia 2.721% , 0.046%