After weakness on Friday night, global markets collectively bounced back overnight. European stocks climbed, rebounding from the biggest three-day selloff since July, as German industrial production increased more than forecast and investors awaited the start of U.S. earnings season.
In London, the UK’s FTSE 100 added 27 points (+0.4%) to settle at 6277, whilst the German DAX put on four points to settle at 7662. U.S. stocks rose as investors speculated first-quarter earnings would help equities rebound from their biggest weekly decline of the year.
The Dow Jones added 48 points (+0.3%) to settle at 14614, whilst the S&P 500 added 10 points (+0.6%) to close at 1563.
Gold futures declined for the fourth time in five sessions as the dollar’s rebound reduced the appeal of the metal as an alternative investment. Bullion for June delivery slipped 0.2% to settle at $1,572.50 an ounce on the Comex in New York.
Crude rose amid clashes in Nigeria after talks between Iran and world powers ended without agreement. Oil for May delivery advanced 66 cents to settle at $93.36 a barrel on the NYMEX.
The yen weakened to the lowest level against the dollar since May 2009 on speculation Bank of Japan measures to fight deflation announced last week will further debase the currency.
Today’s session will bring us important data in the form of NAB business confidence, at 11:30 am, AEST. There is also Chinese CPI and PPI data out today which could have an impact on our market so traders should be mindful.