Market Recap - Gold And Stocks Rise In Asia
There was a pretty big rebound in stocks overnight as the Nikkei 225 rose 2.9%, the Shanghai Comp. 2.15% and the ASX 0.22%. All this bullishness is said to be off the back of the jobs report on Friday, however, I would take that with a pinch of salt as the trade wars still hang over the markets like a dark cloud.
Commodities traded well overnight and base metals were the top performers as copper trades 1.9% higher. After 4 straight weeks of decline and losing as much as 14% of its value maybe this is the week copper recovers.
Gold is also looking pretty bullish this morning as the correlation with stocks remains broken. The USD index is down 0.14% and the precious metal is steaming ahead up 0.54% so far today. Silver has moved back into its old consolidation area after breaking down last week, today we trade at $16.14/oz.
Spot WTI for once is the laggard in the major commodities only trading higher by 0.34%. Nevertheless, the black gold is looking to test the old highs of $75.24/bbl.