Asia Market News
In Asia stocks rose Tuesday, a day after Wall Street shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus from global policymakers. Financials and exporters pushed up the Nikkei index by 3.5% to 16,237.62 in midmorning trade.
Currency Market News
After a weekend election victory by Japan’s ruling coalition fanned expectations of more economic stimulus and bolstered risk sentiment the USD/JPY rose 0.3% to 103.05 yen. The EUR/USD rose 0.2% to $1.1083. GBP/USD rose 0.6% to $1.3078.
Commodity Market News
Oil futures rose on Tuesday as an interruption in Iraqi crude loadings at Basra threatened to tighten supplies, but prices held as investors continued to slash their bullish bets. Brent crude oil futures were trading at $46.39 per barrel, up 14 cents from their last close but still near the Friday’s low of $45.90. U.S. West Texas Intermediate crude was up 11 cents at $44.87 a barrel. Spot gold was little changed at $1,354.45 per ounce.
US Market News
The S&P 500 on Monday broke the record high it held for more than a year as upbeat economic data and low bond yields continued to funnel investors into U.S. equities. The S&P 500 added 0.34%, to 2,137.16. Alcoa (NYSE:AA) shares rose near 4% after the bell following its second quarter report. The company beat Wall Street expectations in both earnings and revenue. Twitter Inc (NYSE:TWTR) lost 2.1% after its rating was lowered to neutral from buy at SunTrust Robinson Humphrey. The firm said Twitter is “highly unlikely” to be bought this year.
Bond Market News
U.S. Treasury yields rose on Monday after Japan prepared a new round of stimulus, boosting stocks and reducing demand for safe-haven U.S. bonds, and after the U.S. government sold new three-year notes to tepid demand. Benchmark 10-year notes ended down 21/32 in price to yield 1.434 percent, up from 1.365 percent late on Friday. Thirty-year bond yields fell to record lows of 2.089 percent in overnight trading, before rising back to 2.141 percent.
Economic Calendar
- 10:00 GMT+1 UK BOE Gov Carney Speaks
- 14:35 GMT+1 US FOMC Member Bullard Speaks
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