The US equities lifted on Friday ahead of investor’s quarterly portfolio rebalances. The S&P 500 surged 1.7% to an all-time high, while the Dow Jones Industrial Average and the Nasdaq Composite rose 1.4% and 1.2% respectively. In particular, the energy and healthcare sectors were among the best performers. Futures in Asia including Japan and Australia all set to open higher.
On the commodity trading side, global oil lifted 4% on Suez Canal’s blockage. The salvage efforts in Suez Canal will continue to be watched closely by oil traders. Brent oil rose to $64.5 per barrel. WTI crude rose to $60.97 per barrel.
Long-term treasury yields were higher on Friday. US 10-year yields rose 4 points to near 1.67%. While the US 2-year yields were steady to near 0.14%, while the
The dollar weakened against major currencies on Thursday. EURUSD rose from lows around $1.1763 to highs near $1.1805. AUDUSD rose from lows around $0.7574 to highs near $07645. But the Japanese yen (USDJPY) fell against the dollar from highs near 109.13 yen per dollar to lows near 109.86 yen per dollar.
Base metal prices rose on Friday due to the rising shipping cost as a result of the blockage in the Suez Canal. Gold rose by $7.2 an ounce to $1732 an ounce. Iron ore rose 0.8% to near $161.45 a tonne.
Key events this week:
– AU Retail Sales and Trade Balance (Thursday)
– OPEC Meeting (Thursday)
– US Employment Date (Friday)
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