SamTrader1
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Daily Analysis – Asia Rallies, S&P Cuts Greece’s Debt Rating
Equities
Wall Street’s Friday rally gave Asian markets a boost on Monday. The Nikkei gained 1% to 9965, and briefly crossed above the 10000 mark for the first time in 2 months. The Korean Kospi rose .9%, and the Australian ASX 200 edged up .4%, as upbeat sentiment was weighed against a drop in retail sales. China’s markets soared, with the Shanghai Composite rallying 1.9% and the Hang Seng rising 1.7%.
Nikkei Climbs to 2 Month Highs
European markets closed mostly higher, extending their winning streak to 6 days. The FTSE rose .5%, crossing above the 6000-mark to 6018, and the DAX advanced .3%, but the CAC40 eased .1%.
US stock and bond markets were closed for Independence Day.
Commodities
Energy-related commodities closed little changed in light trading, as NYMEX was closed.
Gold gained 13.90 to 1496.50, partially recovering from Friday’s selloff, and silver gained 1.4% to 34.17.
Currencies
The US Dollar closed mixed in illiquid trading conditions. The Euro rose .1% to 1.4539, and the Swiss Franc gained .2% to .8480, while the Australian Dollar slipped .4% to 1.0734 and the Canadian Dollar decline .2% to .9607.
By, BinaryOptionStrategy.com
Economic Outlook
S&P warned that the French plan to rollover Greece’s debt would be considered a “selective default”, and cut Greece’s credit rating the CCC from B. Without the approval of credit rating agencies, the plan has little chance of success.
Australia held interest rates at 4.75%, as expected, citing concerns over slowing growth, the European sovereign debt crisis, and high commodity prices.
Tuesday’s calendar is light, with Factory Orders scheduled for Tuesday morning, and no major earnings reports due.
Equities
Wall Street’s Friday rally gave Asian markets a boost on Monday. The Nikkei gained 1% to 9965, and briefly crossed above the 10000 mark for the first time in 2 months. The Korean Kospi rose .9%, and the Australian ASX 200 edged up .4%, as upbeat sentiment was weighed against a drop in retail sales. China’s markets soared, with the Shanghai Composite rallying 1.9% and the Hang Seng rising 1.7%.
Nikkei Climbs to 2 Month Highs
European markets closed mostly higher, extending their winning streak to 6 days. The FTSE rose .5%, crossing above the 6000-mark to 6018, and the DAX advanced .3%, but the CAC40 eased .1%.
US stock and bond markets were closed for Independence Day.
Commodities
Energy-related commodities closed little changed in light trading, as NYMEX was closed.
Gold gained 13.90 to 1496.50, partially recovering from Friday’s selloff, and silver gained 1.4% to 34.17.
Currencies
The US Dollar closed mixed in illiquid trading conditions. The Euro rose .1% to 1.4539, and the Swiss Franc gained .2% to .8480, while the Australian Dollar slipped .4% to 1.0734 and the Canadian Dollar decline .2% to .9607.
By, BinaryOptionStrategy.com
Economic Outlook
S&P warned that the French plan to rollover Greece’s debt would be considered a “selective default”, and cut Greece’s credit rating the CCC from B. Without the approval of credit rating agencies, the plan has little chance of success.
Australia held interest rates at 4.75%, as expected, citing concerns over slowing growth, the European sovereign debt crisis, and high commodity prices.
Tuesday’s calendar is light, with Factory Orders scheduled for Tuesday morning, and no major earnings reports due.