Mainland Chinese stocks surged even higher today after yesterday’s gains, and most of Asia followed except for sick man Japan. The Asian Development Bank hiked their East Asia growth forecast to a whopping 8.1% this year, up from 7.7% previously. China’s central bank also voiced concern over its property prices, which could signal less, rather than more, government tightening measures.Shanghai: +2.2% (CSI 300)
Asia: +0.9% (MSCI Asia Apex 50)
Hong Kong: +0.9% (Hang Seng)
Tokyo: -1.15% (Nikkei 225)
European shares are moderately in the green. Brace yourself for European banks stress tests this Friday. The euro broke above $1.30 a few hours ago, but then settled lower.
The Euro: $1.286 (+0.3%)
Frankfurt: +0.2% (DAX)
Paris: +0.2% (CAC 40)
London: +0.2% (FTSE 100)
Gold and oil are rallying as the dollar weakens, which is a classic global-growth move. The Baltic Dry Index has enjoyed a second day of gains, showing some stabilisation.
Gold: +0.1% ($1,183)
Oil: +0.2% (Light Sweet Crude $75.76)
Baltic Dry Index: +0.7% (BDI 1,732)
Dollar Index: -0.3% (DXY 82.35)
U.S. futures are indicating a slightly lower open. Today watch for U.S. Housing Starts released at 8:30 AM ET.
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