Market Recap: Equites Gain As China Soften Trade War Blow With Stimulus
There was a positive close on Wall St. yesterday with the Nasdaq the outperformer trading higher by 0.76%. Over in the Asia Pacific area it was much of the same as the Nikkei 225 closed 1.08% higher, Shanghai Comp. 1.32% and the ASX 0.46% to the good. Overnight Beijing stated they would implement stimulus to soften the economic blow from the Sino-U.S. trade war.
In commodities markets, copper was the biggest story yesterday as it rose nearly 3% despite the trade issues. Overnight there were some measures announced by Chinese Premier Li who is looking to support the economy, so the bullishness may have come from there.
Oil was on the rise despite a build in the API readings last night. Spot WTI now trades at $60.90/bbl 0.27% higher, this all came as Saudi Arabia commented they are comfortable with an oil price above $80/bbl.
In a good overnight session for commodities, gold is also firmer overnight. The yellow metal now trades above the $1200/oz mark once again at $1203/oz, next week is the all-important Fed rate decision and traders are looking forward to finding out some clarity on future policy but this months hike is all but priced in....