Markets Daily: Asian Stocks Set to Rising After Tech Rally; Yields Retrieved

Futures pointed higher in Hong Kong, Japan, and Australia after the US tech sector rallied to a record high as investors rotated from reflation trades. The Nasdaq index lifted 0.9%, whereas the energy, financials, materials, and industries came under pressure. The Dow Jones index and S&P 500 each lost by 0.6% and 0.1% respectively. 

Treasuries advanced with yields tumbling from one day ago. US 10-year yields fell 6 points to 1.51%. US 2-year yields rose by 1 point to near 0.21%. 

Fx trading saw the greenback holding its advance. According to ZERO Markets’ Meta Trader 5 platform, the Euro fell from highs near $1.2000 to lows near $1.1829 against the dollar. The Aussie dollar fell from highs near $0.7636 to lows around $0.7540 against the dollar. 

Global crude oil prices declined in response to a firmer US dollar. Brent crude fell by 1.8% to near $US73.08 a barrel. WIT fell 1.5% to near $US71.04 a barrel.

Iron ore prices lifted 3.3% to near $220.8 a tonne. Precious metals trading saw gold tumbled by 4.7% or $US86 an ounce to near $1775 an ounce.

Key events this week (Economic Calendar):

  • Bank of Japan rate decision (Friday)

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