Regional markets are higher as an above-view reading of China’s official December PMI Sunday and gains in European bourses Monday boost investor sentiment; the S&P/ASX is +1.1%, the HSI is +2.1%, the Kospi is +2.7%, the Taiex is +1.5%, the Sensex is +2.0%, and the STI is +1.2%. Markets in Japan, China, New Zealand and Thailand are shut for holidays. In FX markets the EUR is higher against the USD amid improved risk appetite. The EUR/USD is at 1.2977 from 1.2930 late Monday, the EUR/JPY is at 99.64 from 99.49, and the USD/JPY is at 76.76 from 76.95. South Korea’s Ministry of Strategy and Finance says it will continue studying additional means to reduce economic risk posed by rapid capital flows in and out of the country. Philippine central bank Governor Amando Tetangco says economic growth is now a “more prominent concern” in determining the central bank’s monetary policy. Singapore’s 4Q GDP contracts 4.9% on-quarter annualized, down from a 1.5% expansion in 3Q but are above expectations for a 5.5% contraction. Singapore’s 4Q private residential prices rise 0.2% on-quarter vs a 1.3% rise in 3Q. Australia’s December manufacturing PMI rose to 50.2 for an expansionary reading in December from a contractionary reading of 47.8 in November. Spot gold is at $1,583.20/oz, up $16.80 from the NY close Friday. February Nymex Crude Oil futures are up $1.75 at $100.58/bbl.
EasyForexNews Research Team