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.
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