Global markets diverged in overnight trading. Key industrial commodities rose and safe haven assets came under pressure as further evidence of an industrial upswing drove trading. However stocks had a mixed session. European investors piled in on an improving outlook and little local pressure on interest rates.

US investors took a different view, fearing potential trade problems and the impact of higher interest rates. US ten year bond yields hit fresh multi-year highs and gold remains under pressure.

Brent crude traded above $80 a barrel for the first time in more than three years. Nickel, lead and copper all rose as the US leading index made further gains in April. UK indices hit all-time highs and many continental markets are within a few percent of the same, following reports the UK will remain part of the EU customs union after 2021.

Asia Pacific markets may shrug off US stock weakness after falls across the region yesterday. The US dollar continued its rise overnight and currency factors may see local indices outstrip flat to slightly higher indications from futures trading.

CSL is arguably Australia’s most successful company over the last two decades. This morning it delivered for shareholders again, lifting profit guidance for this year by around 10%. Recent share price weakness may reverse sharply today.