The bulls mounted an extremely impressive run in the final minutes of the US trading day, but momentum appears to be stalling out after hours.
After initially surging, the Nikkei has given up the lion’s share of its gains.
S&P futures had been higher, but are now basically flat since the 4:00 PM ET close.
The world’s hottest measure of risk, the Aussie dollar, is also giving up its recent gains.
So what’s going on?ForexLive points out that Ben Bernanke is speaking in Tokyo and made a comment about now wanting dollar-swap lines to be permanent. But that’s pretty minor, and his speech as a whole, which is about central bank independence, is pretty mild. Read the whole thing here.
If that’s all it takes to spook the market, we’re still on very fragile ground.
Meanwhile, Korea’s KOSPI, which the world is watching due to war tensions, is off just modestly.
For a roundup of what happened during the US trading day, see here.