Market Recap - Equities Mixed In Asia And Trump Promises 5% Growth
Significant movement on various FX pairs yesterday, but how did the commodities and indices perform?
Earnings in the States are carrying US bourses higher, yesterday all three indices rose with the Dow Jones the clear outperformer up half a per cent. No such luck in the Asia Pacific area as the ASX was the only one to trade in the black up 0.23%. The Nikkei 225 traded flat and the Shanghai Comp. fell one per cent. There was an interesting comment from Trump overnight, The US president stated we may see 5% growth in the future.
On the balance commodities traded well overnight, WTI only trades slightly higher despite the massive draw in API inventory levels last night (-6.000mln).
Copper continues to retrace inline with the USD this morning, the industrial metal trades 0.30% higher and there are murmurs of another dispute at the world's largest copper mine (Escondida).
Gold is also trading in the black the precious metal is also taking advantage of the aforementioned weakness in the USD. This morning the yellow metal is up 0.15%. Although, it feels like the price has a long way to go before we can call this a recovery....