ASIA: Japan surged nearly 3%, Asia up across the board. Japanese stocks were likely powered higher by the both QE news out of the U.S. and Japan’s own more radical version of stimulus whereby the central bank will literally be buying stocks. Japan’s central bank provided more detail on its plans to buy ETFs, corporate bonds, and REITs today. Turns out it will buy AA-rated or higher REITs and ETFs tracking the Nikkei 225 and Topix indices.All Asian markets can benefit from QE-driven capital flows into the region, thus today’s rally makes ‘sense’ for most nations as well.
Meanwhile, Chinese property company Vanke has reported that October sales more than doubled year over year. China’s government is asking the U.S. to ‘explain’ its latest bond-buying plans or else threaten Asia’s economies. Toyota’s profit quadrupled in Japan.
Vietnam surprised markets with a full 1% hike to its key interest rate… oddly without explanation.
EUROPE: Is up. But look at Ireland, where 10-year yields haven’t stopped rising as investors dump the nation’s bonds. They are currently at 7.66%, a new high. Greece has restarted international air freight services after the latest bond scares, but remains on alert.
MACRO: The dollar has stabilised, even as gold is near $1,390. The euro is above $1.42 and oil is over $88.
U.S. FUTURES: Are undecided. Watch for the unemployment situation report at 8:30 AM ET.