The impeachment of the US President had no impact on trading overnight. Despite weaker trading in the Asia Pacific region yesterday, European and US stocks rose alongside oil and industrial metals, continuing the recent pro-growth moves. Bonds remain under pressure. The Swedish central bank bucked the global trend to lift interest rates out of negative territory.
The US Treasury Secretary, Steve Mnuchin, told a television audience that the China-US trade deal was completely finished and set for a January signing. The interview buoyed sentiment, and all three major US indices hit record highs.
The Swedish Riksbank lifted cash rates to 0%, ending five years of negative interest rates. The central banks of Japan, England, Norway and Hong Kong declined to move. The Euro found support as traders speculated about the impact of the Riksbank’s move on other negative interest rate policies.
Despite the positive market sentiment futures indicate a weaker start to regional share trading today. Stronger local currencies could be the source of selling pressure. After futures expiries this week volumes could die down ahead of tonight’s multiple expiries in the “triple-witching” in the US.