It’s been another upbeat session for
Asian equities with traders finding reassurance in the fact that there’s been
no further escalation in tensions between Russia and Ukraine. As a result all
major indices in the region have finished in positive territory, with the
Nikkei being the best performer as renewed Yen weakness helped valuations and
although we saw a raft of economic data released from Japan overnight, again
there was little here that caused any surprise and even the dip in department
store sales was by all accounts expected as the impact of tax hikes continues
to be felt.
Wall Street is eyeing some
relatively modest gains at the open although we do have inflation data due
before the bell. Anything that shows price pressures building could well
encourage the Fed to take a slightly more hawkish view over monetary policy and
with equities marching higher once again, there’s certainly the scope for
profits to be booked. For now however we’re calling the DOW to start up 31 at
16870 and the S&P up 2 at 1974.
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