“It was a bright muggy day in September and the clocks were striking thirteen.”
– Orwell, 1984
Well, it was a fury of activity overnight, check out my Squawk notes:
The Nikkei ramped +1.4% overnight. The Japenese markets were closed yesterday for Respect for the Aged Day. You have to admire the culture that celebrates the unity of the family. I digress. Last week Japan lead Global Equity markets +3.5%, seemingly the Nikkei is in overbought territory.
“Japan’s equity benchmarks outperformed, with the Topix index on course for its best day since March.” – Bloomberg
Moreover, a mantra I repeat like a Sthyeren House member, “Dollar Up; Yen Down.” The weaker yen is certainly helping the NKY to higher heights.
Note to Self: 1 Japanese Yen = 0.0089 USD
Also in Japan, the TOPIX Index has risen in lockstep with the NKY; up +4.05 over the past 3 trading sessions.
Korea Stock Exchange Index traded mostly flat overnight.
Australia’s S&P/ASX 200 Index fell 0.4% overnight with a large amount of buying right a the close. “
Chinese stocks consolidated around four-year lows and Hong Kong shares dropped for a second day. “-Bloomberg
Hong Kong’s Hang Seng Index declined 0.7%.
Shanghai Composite Index was little changed.
S&P 500 Futures dropped overnight by 0.1% with the US/China tariffs but then pushed the throttle down and didn’t look back into the US close.
Crude Oil (WTI) jumped higher at 4:30am, closing at 69.94 (+1.49%).
Gold continues to be beaten like a red-headed stepchild. Closing at 1202.80/oz (-0.24%).
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