Market Recap - Positive Sentiment Sends Equities Flying
Good day in Wall St. as all of the major indices rose nearly 1% as positive risk sentiment entered the markets. That positive sentiment filtered through to the Asia Pacific area as the Nikkei 0.86%, ASX 0.41%, and the Shanghai gained 2.03% in value.
Oil trades in positive territory despite a sharp fall yesterday following Trump's comments about a high oil price. He then went on to state OPEC need to do more to drop the oil prices, this morning spot WTI trades at $70.40/bbl.
Copper has also started the session on a positive note trading 0.22% higher $2.74/lb. This comes despite the stronger USD, although, it does seem that the markets are ignoring the negative trade tariff woes at the moment.
Gold is still heading toward the $1214/oz consolidation high resistance level. This morning the precious metal trades around the $1208/oz level as traders await the all important FOMC rate decision next week.
Looking ahead to today's session we have EU and US PMI's, Canadian CPI and Retail sales and the release of this week's CoT data....