Risk assets are buoyed as global growth worries ease on improved PMI figures
- S&P 500 futures +0.7%
- Nikkei +1.6%
- Shanghai Composite +2.3%
- US 10-year yields up 2.6 bps to 2.432%
- Oil up 0.6% to $60.50
And that has helped the aussie and kiwi to stay underpinned while posting modest gains to start the day while the yen lags behind in comparison. Eamonn provided a good summary of the PMI figures from Asia in this post here.
A more positive performance in US stocks on Friday is also helping to breathe confidence in markets again as we begin the week. However, despite the stellar performance in equities in Q1, I reckon tougher challenges lie ahead in the coming quarters and more so in 2H 2019.
So far, traders and investors are still able to brush aside worries about the global economy quite easily but it's not something that can work timelessly if economic data starts veering back towards the downside again.