Overnight Summary — World markets spring up
The global equity markets are off to strong starts. S&P Futures have extended gains from yesterday to trade about 12 points higher to around the 4465 area. Trading was range bound throughout the Asian session but expanded once Europe came online. The low was set at 4433.00 while the high was established a short time ago at 4472.50.
In Asia, China gained 0.2% while Japan returned from public holiday to gain 1.5%. The Shanghai was kept afloat by more pledges from the nation’s cabinet to support the economy. Hong Kong rose over 3% after Alibaba increased its share repurchase program. In Japan, the Nikkei rose on the back of a weaker yen. Financials were strong, led by Mitsubishi UFJ Financial Group, which jumped nearly 6%.
In Europe, the major bourses are pushing to higher ground. Similar to Japan, financials are leading the way to gains. Banks across the region such as Deutsche Bank, Commerzbank, HSBC, BNP Paribas, Credit Agricole and Societe Generale are all up over 2%. Automotives are doing well with the likes of BMW, Volkswagen, Stellantis and Renault trading about 2% better.