The new trading week continued Friday’s session in a positive mood overnight as European and US stocks followed through despite the inflation fears across all the central banks while a bank holiday in the UK kept currency markets somewhat contained. A small blip higher for Euro and Pound Sterling is still keeping them stuck at their recent weekly lows while the Australian dollar can’t seem to find momentum above the 64 cent level.
US bond markets saw small drops across the yield curve with the 10 year Treasury pulling back to the 4.2% level while oil prices are struggling to hold on despite OPEC wanting more production cuts, with Brent crude falling below the $84USD per barrel level. Gold held on to its recent gains to more slightly above the $1920USD per ounce level.
Looking at share markets in Asia from yesterday’s session with mainland Chinese share markets gapped significantly higher but gave up most of those gains with the Shanghai Composite up 1% to close at 3094 points while in Hong Kong the Hang Seng Index did the same, up 1% to 18138 points.
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