- Stronger-than-expected U.S. labour market data boosts confidence, and global stock markets rise.
- Prime Minister Razak won the Malaysian elections. Local markets rally on the news.
- Oil prices rise on growth optimism and increased geo-political concerns. Markets overnight
On Friday, stronger-than-expected U.S. labour market numbers boosted risk appetite. U.S. stock markets ended higher; Asian markets are also trading higher this morning.
Malaysian stocks rose to a historical high after Prime Minister Najib Razak won yesterday’s general election. The Malaysian Ringgit also strengthened on the election results.
Increased optimism about the U.S. economy and the global economy in general is helping global commodity prices to recover; the U.S. crude oil price is now trading close to USD100/barrel. Oil prices are also getting a lift from increased geo-political concerns in the Middle East after Israel carried out an air strike on Syria.
In the fixed income markets, U.S. bond yields are rising slightly. In Europe, peripheral countries' bond yield spreads to Germany continue to decline.
Not everything is positive, however. This morning the service PMI in China showed a decline to 51.1 in April from 54.3 in March.
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