Stocks rise overnight as Trump agrees Mexico deal
Asian equities start the week on the front foot as US president Trump announced that the US reached a deal with Mexico on immigration and averted tariffs. Japan's Nikkei 225 rose 1.20%, Australia's ASX 0.95% and China's Shanghai Comp. rose 0.66%. This positivity was also spurred by the odds of a rate cut rising following the weak NFP data on Friday.
Gold fell from extended levels overnight after the risk sentiment tilted over to positive but also the DXY moved positively to trade 0.22% higher. There was also a firm resistance level at $1342/oz which held nicely.
Copper managed to gain some ground on the positive sentiment and traded 0.72% higher overnight. The big deal is still with China and now it seems Trump can get something done I am sure optimism will rise.
Oil also managed to gain some momentum and moved half a percent higher overnight. This week we get the latest monthly reports from both the EIA and OPEC so oil traders are sure to be busy.
Today we are on the lookout for UK GDP, UK industrial and manufacturing production, US Jolts data and comments from BoE's Saunders & Haldane.