Reply To: Traders Market Weekly: Only a Sheep Lets Himself be Sheared

#34531
Truman
Participant

The global equity markets outside of China are off to strong starts. S&P Futures are up about 48 points to trade around the 4240 area. The market saw modest buying early on and has maintained positivity throughout the session. Spoos are sitting just off the high of 4244.75. The psychological 4200 area held as support with the low print put in at 4200.25.

In Asia, China and Hong Kong saw considerable sell-offs while Japan gained 0.6%. The Shanghai (-2.6%) and Hang Seng (-5%) saw sentiment turn sour. These markets suffered from early selling as they processed the weaker than expected lending data released after the markets were closed on Friday. Rising coronavirus cases took their toll as well. In Japan, the Nikkei was led higher by automotives, semiconductors and financials. As such, Honda, Toyota, Tokyo Electron, Advantest, Mitsubishi UFJ Financial and Mizhuo Financial rose 1-3%.

In Europe, the major bourses are trading higher. Volkswagen (+6.5%) is leading European automakers after reporting its fiscal year results. Peers such as BMW, Stellantis and Mercedes-Benz Group are up 4% in sympathy.