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A shorter US trading session on Wednesday didn’t stop both the S&P 500 and Nasdaq Composite from hitting fresh highs, the former gaining half a percent, the latter finishing the day 0.88% higher. The record-breaking trend spread to the other side of the Pacific the following day, with the Nikkei 225 breaking new ground to close at 40,913 points. Perhaps more tellingly, Japan’s Topix index also finally topped its old all-time high set all the way back in 1989, suggesting that the recent rally in Japanese stocks has stronger foundations than previously assumed. The Japanese Yen retreated marginally during yesterday’s session after tapping 162 on Wednesday. Still no news on a potential intervention by the Bank of Japan to defend its currency.
The UK general election appears to be following a widely predicted pattern, leaving Cable remarkably stable in early morning trading in the Asian session. US stock market closures yesterday left very little to talk about, even the FOMC minutes released on Wednesday had nothing much to add to proceedings. Board members reiterated what we’ve all heard many times: progress on inflation so far this year albeit slower than expected, no rush to enact rate cuts just yet.
Non-Farm Payrolls are set to be published later today, estimates currently standing at 190k new jobs, down significantly from the previous figure of 272k jobs in May. Given the lack of action so far this week, markets should be grateful to latch onto a more substantial data print.
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