Global Markets Roundup | Safe-haven buying eases, risk sentiment improves
Stocks
Asian markets saw gains at the open due to a softer US jobs report, reducing expectations of further interest rate hikes by the Federal Reserve. Investors are also keeping an eye on Japan’s business activity in October, with the data expected later today.
Japan's Nikkei 225, returning from a long weekend, opened with a 2 per cent gain, while South Korea’s kospi led early gains in the region.
US stocks closed higher on Friday, benefiting from the soft jobs report that drove bond yields lower, resulting in the best week for major indexes in 2023.
The S&P 500 marked its first five-day winning streak since June.
Crude oil prices increased in early trade, partly due to reduced concerns about more federal reserve rate hikes. However, traders remain cautious with several key economic readings, especially from China, scheduled for this week.
Chinese trade data, to be released on Tuesday, is expected to offer insights into commodity demand in the country.
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Safe-haven buying eased, causing gold prices to drop in early trading. Although US weekly jobless claims pushed gold above $2,000 per ounce, it couldn't sustain this level. Investors seem to believe that the Israel-Hamas conflict will likely remain contained. On the other hand, the perception that the global interest rate cycle may be nearing an end could support gold moving forward.
In the cryptocurrency markets, ripple, an enterprise-grade cryptocurrency, is sending strong bullish signals as it tests the $1 per token mark. Ripple surprised crypto enthusiasts with a 30 per cent surge in less than two weeks, while bitcoin experienced a 15 per cent surge during the same period.
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