are the concerns over inflation raised by US President Joe Biden’s picks for Fed Board and US Treasury Secretary Janet Yellen. It’s worth noting, however, that South Korea’s KOSPI prints the biggest daily gains in a year as bourses in Seoul reopen after three-day off.
Stocks in Australia print mild losses after witnessing mixed trade and sentiment data earlier in the day whereas New Zealand’s NZX 50 dropped 0.80% intraday while portraying the disappointment from NZ PM Ardern’s five-step plan to reopen borders.jumped the most since July, to 52.1 versus 50.1 forecast and 51.9 prior, during January. In addition to the upbeat data, the strong performance of tech stocks on Wall Street also underpins the KOSPI’s run-up.
Looking forward, markets are likely to remain sidelined, mostly risk-off, ahead of the aforementioned monetary policy decisions. Following that, US ISM Services PMI for January, expected 59.5 versus 62.0 prior, will also be important to watch further direction.S&P 500 pushes towards 4600 as strong Google earnings extend market rally into fourth day
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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