Friday night saw Wall Street nominally put in a strong final session for the week with the Dow advancing for the 10th session in a row, but it was all relative as the broader S&P500 remains stalled as the earnings seasons gets underway. A slew of macro releases this week, culminating in the triple whammy FOMC/ECB/BOJ meetings, will keep the rest of the risk complex on its toes. The USD remains strong against the majors going into this week with the Australian dollar back down to the 67 cent level despite the recent strong employment print.
US bond markets saw a small drop across the yield curve with the 10 year back to the 3.8% level while oil prices again rallied on European macro concerns with Brent crude advancing beyond the $80USD per barrel level. Gold tried to hold on but fell back towards the $1960USD per ounce level.
Looking at share markets in Asia from Friday’s session with mainland Chinese share markets still in deflation mode with the Shanghai Composite finsihing dead flat at 3171 points while in Hong Kong the Hang Seng Index had a successful rebound after its recent selling, up nearly 0.8% to 19075 points.
The full text of this article is available to MacroBusiness subscribers