Reply To: Traders Market Weekly: Memorial Weekend a Time for Reflection

#37846
Truman
Participant

The global equity markets provided another mixed overnight session. S&P Futures are up about 16 points to trade around the 4115 area. The market traded in a narrow range that hovered around the 4100 zone throughout the Asian hours. Spoos saw an upward breakout when Europe got underway and are currently sitting just off the high of 4121.75. The low was set early at 4083.50.

In Asia, China rose 0.4% while Japan slipped 0.2%. The Shanghai Composite got a boost after the Chinese cabinet announced a stimulus package that targeted a revival of the domestic economy. Additionally, most of the COVID curbs were lifted in the Shanghai region. In Japan, the Nikkei fell modestly after posting a six-week high on Wednesday. Sony was among the laggards with a sharp 3% decline.

In Europe, Germany and France are off to solid starts while the UK is closed for public holiday. Eurozone PPI fell to 1.2% in April. This was down from 5.3% in March and below the forecast of 2.3%. Spirit maker, Remy Cointreau, climbed 4% after reporting better than expected earnings for its fiscal year. Pernod-Ricard is up 3% in sympathy.