The mood across major Asian equity markets today has been relatively upbeat, helped along by that solid lead from Wall Street yesterday. The Nikkei is out at almost seven year highs after worse than expected economic data from Japan overnight pushed the Yen lower once again. China is also powering ahead after another stimulus in disguise note from the government supporting the development of a new raft of nuclear power plants. This should however be commended given the fact it’s a notable improvement over the use of coal fired power stations.
Wall Street is currently set to start the day a shade higher although the big risk is the durable goods order data that’s due for release ahead of the opening bell. With fears running rife that the Fed may act too hastily in hiking interest rates, if this number comes in below forecast then we could well see traders given the excuse to book profits off the back of yesterday’s gains. Ahead of the open we’re calling the DOW up 11 at 17221 and the S&P unchanged at 1998.