Asian equities rise on Brexit optimism

Asian equities rise on Brexit optimism - MarketPulseMarketPulse


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Asian equities start on a positive note

Asian equities are rising today after Wall Street finished the overnight session notable for its global recovery cyclic rotation. The markets have been treated to the churning of the Washington DC pond by vetoes, new votes, and overrides. President Trump has threatened to veto the combined fiscal stimulus/government funding bill for 2021, arguing that the payments for individual Americans were far too small. Despite this monkey wrench from Trump, Wall Street clearly believes something positive will float to the top of the barrel when the churning stops.

The S&P 500 rose just 0.07%, with the Nasdaq falling 0.29%, but the Dow Jones, heavy with unloved legacy not-working-from-home companies, rose by 0.38%. Notably, the aftermarket futures on all three indexes have increased by around 0.30% this morning in Asia.

That has been enough to greenlight more gains for Asian equities which also appear to be relieved that a Brexit agreement is nigh, with the UK press saying that PM Johnson will address the nation at 1100 LDN time today. The announcement by Santa-Boris comes in the nick of time. Still, it leaves the UK isolated internationally due to Covid-19, thousands of trucks marooned on each side of the English Channel and follows more of England’s regions being moved into a hard tier-4 lockdown.

The Nikkei 225 has climbed 0.55%, with the Kospi jumping 0.86%. China markets are positive, although Ali Baba concerns are weighing on sentiment. The Shanghai Composite is 0.25% higher, with the CSI 300 and Hang Seng 0.20% higher.

Singapore has risen 0.25%, with Kuala Lumpur and Jakarta falling by the same while Taiwan has risen 0.50%. The story is much the same in Australia, with the All Ordinaries and ASX 200 higher by 0.50%.

Although some reshuffling of portfolios in emerging Asia was to be expected ahead of the holiday break, the underlying theme is a positive one. That tone should continue through Europe and barring any surprises from Washington DC, North America as well.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Jeffrey Halley

With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia and the New York Times. He was born in New Zealand and holds an MBA from the Cass Business School.

Jeffrey Halley

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