It’s been a broadly disappointing session for Asian equities with traders electing to book profits off the back of suggestions that US interest rates could rise before the year is out. A shortfall in Chinese manufacturing PMI also added to the downside and although the reading of 50.3 shows there’s still expansion, it’s a borderline print. The one index that stood out regionally however was the Nikkei, which finished almost 1% higher as expectations of further Yen weakness were priced in http://ow.ly/AyMdO #Valutrades #USD #PMI #Equities
Wall Street however appears undeterred by the prospect of
higher interest rates sooner than had been expected. Markets did admittedly
fall back in the wake of the FOMC meeting minutes but this was short lived and
futures are pointing towards further gains at the open. We're now within easy
reach of fresh all time highs for the S&P and assuming there are no
surprises in the economic data that's due this afternoon or any further
deterioration in terms of the geopolitical landscape then it's difficult to
imagine we won't see this level fall in the near term. Ahead of the open we're calling
the DOW up 31 at 17010 and the S&P up 2 at 1989.
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