Asian equity markets have finished the week on a broadly positive note despite the collapse that was seen in Europe during yesterday’s session as traders responded to inaction from the ECB. The market under the most scrutiny has been Hong Kong and with the city still gripped by pro-democracy protests, the early selling was perhaps of little surprise. However some progress is being made and with dialogue established between the two sides, traders saw fit to start buying into some attractively priced stock. The Nikeki also rose, spurred on by renewed Yen weakness whilst the Shanghai market remains closed for the holiday.
Wall Street will be dominated by the non-farm payrolls today, especially given the recent rout that we’ve seen for equities appears to have been suspended – at least for the time being. The big risk here however is a reading that looks too feisty could add weight to calls for faster tightening of monetary policy. This may well be applauded by US stocks, but it’s likely to prove damaging elsewhere. Ahead of the open we’re calling the DOW up 49 at 16850 and the S&P up 6 at 1952.