Morning Recap Thursday 10 February 2022
Global Markets Update
U.S. MARKETS
Equity markets closed higher overnight, with the S&P 500 up +1.5%, NASDAQ up +2.1% and Dow Jones gaining +0.9%.
Long-dated U.S. treasury yields were mixed, with the 2-Yr yield higher at 1.362% and the 10-Yr yield lower at 1.947%.
EUROPEAN MARKETS
European equity markets closed higher overnight, with Stoxx Europe 600 up +1.7%, as concerns over aggressive monetary policy tightening eased after France’s central banker said that markets may be getting ahead of themselves in pricing rate hikes for this year. The U.K. FTSE 100 gained +1.0%, after U.K. Prime Minister Boris Johnson announced plans to scrap self-isolation rules for people in England who test positive for Covid-19. German DAX closed +1.6% higher
ASIAN MARKETS
Asian equity markets closed higher overnight, with the Shanghai Composite up +0.8%, as financial stocks rallied after PBOC, and various regulators issued a five-year plan on enhancing standards in the financial industry. The Hang Seng was up +2.1% and KOSPI closed +0.8% higher. Nikkei 225 gained +1.1%, led by gains in semiconductor stocks after Sumco Corp, a key supplier of silicon wafers for the semiconductor industry, said it has already sold out its production capacity through 2026, a sign shortage in the industry may not abate for years.
WTI oil is trading at US$90.06 a barrel. Iron ore price is at US$137.50 per ton. Spot gold is trading at US$1,833 per oz.
