The positive vibes reverberate to Europe in early trades - German DAX futures +2.3% - UK FTSE futures +1.7% - Spain IBEX futures +2.1% Chinese equities are still surging into the final hour of trading, with US futures also looking buoyed at the moment. S&P 500 futures are up by 1.1% and the overall mood here is keeping risk
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Asian equities surge to start the week It is all about that is driving the momentum in stocks. the "bull market" narrative The positive vibes are spilling over to Europe and is keeping the dollar and yen weaker as we get things going in the session ahead. EUR/USD is up to 1.1290 while AUD/USD is up to
Latest data released by Destatis - 6 July 2020 - -25.8%; revised to -26.2% - Factory orders -29.3% vs -24.0% y/y expected - Prior -36.6%; revised to -36.9% Slight delay in the release by the source. Industrial orders rebounded in May, though less than expected, as lockdown measures were eased across the country. That said, the annual reading
Daily thread to exchange ideas and to share your thoughts As such, the dollar and yen are notably on the back foot as we see other major currencies keep modest gains going into the session ahead.
The CSI 300 index is trading to its highest levels in more than five years The rally today in Chinese stocks has been unrelenting. Investors are back from the lunch break and have turned 4% gains to over 5% gains now on the day in both the CSI 300 and Shanghai Composite indices.
Chinese state media is pushing the narrative that a bull market is here What is even more impressive is that trading volumes are surging, with daily turnover exceeding ¥1 trillion on Thursday and Friday last week - and likely to exceed that mark once again today. That represents a sign of surging risk appetite.
Risk-on to start the new week For some context, WHO noted over 200,000 coronavirus cases in 24 hours across the globe on Saturday - a record figure. It is still early in the day but so far the moves are pretty modest so let's see if that can keep pace as we get into the European trading
GS say that outside the US, the cyclical news is generally positive. We are very optimistic in Europe Meanwhile EUR is having a good session here: Earlier from GS, not so optimistic oin the US: