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

#34576
Truman
Participant

The global equity markets are significantly stronger. Encouraging comments from Russia’s Foreign Minister Lavrov regarding hope for compromise with Ukraine seem to be fueling the rally. S&P Futures are up about 46 points to trade around the 4300 area. The market was range bound throughout the early portion of the Asian session but kicked into high gear about midway through. Since then, the S&P has charged higher and sitting just off the peak of 4306.00. The low was set early on at 4239.00.

In Asia, China, Hong Kong and Japan all climbed higher. Reports out of China from a senior official indicating the central government would provide additional support to the economy helped these markets rebound. The Shanghai finished 3.5% better while the Hang Seng posted a robust 9.1% gain. In Japan, the Nikkei seemed to follow the rising tide. Gains were paced by heavyweight, SoftBank, which closed the day up 6%.

In Europe, the major bourses are in solid positive territory. Financials are among the best sectors with lenders such as Lloyds, Barclays and BNP Paribas up 2-4%. Mining stocks are rebounding following China’s pledge to support the economy. Antofagasta and Glencore are representing leadership in the miners with gains of 3%.