Friday night saw the latest US GDP print come in much higher than expected while weekly jobless claims much lower than expected, giving more ammunition to the US Fed to keep hiking interest rates. Wall Street rebounded regardless, while European stocks made new monthly highs which should set up well for Asian stocks as a new trading week get underway (although the US markets will be mainly closed at the start for July 4th holiday).
US bond markets saw a three month high in yields with 10 year Treasuries up more than 14 basis points to the 3.84% level while oil prices stabilised further with Brent crude holding above the $75USD per barrel level. Gold managed a small comeback alongside other undollars with a lift up towards the $1920USD per ounce level.
Looking at share markets in Asia from Friday’s session where mainland Chinese share markets are seeing a late surge in the afternoon with the Shanghai Composite currently up more than 0.6% to 3202 points while the Hang Seng Index eventually put in a scratch session finishing just 0.1% lower at 18916 points.
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