Equities
Asian markets advanced on Monday, as investors responded favorably to Bernanke’s comments on Friday. Chinese markets snapped a 3-day losing streak, as the Shanghai Composite climbed .6% to 2238, and the Hang Seng rose .4% to 19559. The Kospi edged up .2% to 1913, and the ASX 200 ticked up .3% to 4330, as solid gains in mining shares offset losses in retailers. Bucking the trend, the Nikkei dropped .6% to 8784.
In Europe, speculation over a new bond buying plan from the ECB lifted markets ahead of Thursday’s ECB press conference. The CAC40 jumped 1.2% to 3454, the FTSE rallied .8% to 5758, and the DAX gained .6% to 7015.
US stock and bond markets were closed for Labor Day yesterday.
Currencies
The currency markets settled little changed on Monday, thanks to the US holiday. The pound edged up .2% to 1.5894, while the euro, Swiss franc, and the yen ticked up .1%. A notable exception was the Australian dollar while sank .7% following a weak retail sales report.
Economic Outlook
Tuesday’s economic reports will include ISM manufacturing PMI, construction spending, and total monthly auto sales.
Asian markets advanced on Monday, as investors responded favorably to Bernanke’s comments on Friday. Chinese markets snapped a 3-day losing streak, as the Shanghai Composite climbed .6% to 2238, and the Hang Seng rose .4% to 19559. The Kospi edged up .2% to 1913, and the ASX 200 ticked up .3% to 4330, as solid gains in mining shares offset losses in retailers. Bucking the trend, the Nikkei dropped .6% to 8784.
In Europe, speculation over a new bond buying plan from the ECB lifted markets ahead of Thursday’s ECB press conference. The CAC40 jumped 1.2% to 3454, the FTSE rallied .8% to 5758, and the DAX gained .6% to 7015.
US stock and bond markets were closed for Labor Day yesterday.
Currencies
The currency markets settled little changed on Monday, thanks to the US holiday. The pound edged up .2% to 1.5894, while the euro, Swiss franc, and the yen ticked up .1%. A notable exception was the Australian dollar while sank .7% following a weak retail sales report.
Economic Outlook
Tuesday’s economic reports will include ISM manufacturing PMI, construction spending, and total monthly auto sales.