Reply To: Traders Market Weekly: Independence, Precious and Formative


The global equity markets are firm. S&P Futures are up about 16 points to trade around the 3920 area. The market saw early weakness but buyers were present around the 3885 zone, with 3885.75 representing the low print. Spoos swooped back to higher ground, peaking out at 3937.75 before drifting back to the current level.

In Asia, China rose 0.9% while Japan gained 0.7%. The Shanghai Composite succumbed to early pressure but reversed after officials continued to tout potential policy measures to stimulate the economy. Additionally, health authorities reduced the quarantine period for inbound visitors which is an initial step toward easing COVID-19 restrictions. In Japan, the Nikkei also bounced back from early weakness to extend its winning streak to four. Energy stocks were among the best performers with Inpex Corp and Japan Petroleum advancing by 5%.

In Europe, the major bourses are firmly in positive territory. The economic slate was light. German GfK Consumer Climate came in a couple ticks better than expectations at -27.4. With sentiment improving in China, luxury retailers continued to climb with the likes of LVMH and Kering up 2%. Energy giants, BP and Shell, are surging as much as 3% with crude oil futures back above $111.