Regional markets are mostly higher as optimism over the U.S. economic recovery overshadows concerns about the European sovereign-debt situation; the Nikkei is +0.4%, the S&P/ASX is +1.1%, the HSI is +1.0%, the Kospi is +1.5%, the Taiex is +1.2%, the Sensex is +1.7%, the Shanghai Composite is +2.5% and the STI is +0.9%. In FX markets, the EUR is higher against the USD, extending Monday’s recovery against the greenback from a 15-month low, albeit at a moderate pace as eurozone sovereign-debt concerns linger. The EUR/USD is at 1.2793 from 1.2765 late Monday in New York, the EUR/JPY is at 98.24 from 97.85, and the USD/JPY is at 76.78 from 76.84. China’s December trade surplus widens to $16.52 billion from a surplus of $14.53 billion in November, above expectations for a $7.8 billion surplus. Malaysia’s November industrial output rose 1.8% on year, slower than October’s 2.9% rise and below expectations for a 3.3% rise. Australia’s November building approvals rose 8.4% on month, up following October’s 10.0% decline and above expectations for a 6.5% rise. Philippines November exports fell 19.4% on year to $3.34 billion due to a continued decline in electronics exports. Spot gold is at $1,620.30, up $9.30 from the NY close. February Nymex crude oil futures are up 66 cents at $101.97/bbl.
EasyForexNews Research Team