The Global Dow is up 4% since Monday in a great week for stocks.Today’s rally in Asia was spurred by record profits for Bank of China and signs that Beijing was increasing spending. Chinese rail stocks among other surged on news that Shanghai would spend $3.6 billion on new subway lines, according to Bloomberg.
Shanghai is up nearly 3%, leading other Asian markets.
European markets are also higher, except for the FTSE which has lost early gains. European CDS are narrowing, with Spain and Italy closing by 16 and 15 basis points. Greek is a different story, with Athens falling to new lows and the 2-year bond at a record 44.34% yield.
US futures are roughly flat, except for the NASDAQ which reflects a 4-5% decline for Apple.
Meanwhile gold has lost $200 in three days.