Investors Woo Off Delta Variant Concerns as Market Continues to Rally

Japan’s broad index Nikkei hit 30,000 index points since April as investors anticipate the new premier would push favorable policies and stimulus to boost economic recovery. Fumio Kishida, former foreign minister- a strong contender promised 30 trillion-yen stimulus package to revive the economy.

Shanghai Composite Index on the other hand  inched up by 47.47 index points to 3669.05 (+1.29%). The boost in index optimism followed as Chinese export data this morning jumped by 25.6% YoY exceeding the street forecast by 8.5%.

Global equity benchmark index MSCI ACWI index is at its one-year peak of 748.21 index point up by nearly 33% YoY.

The US 10-year treasury yield pushed higher to 1.344. Gold on the other hand earlier climbed as the dollar index dipped. The dipping of the dollar could further strengthen Asian currencies.
In the commodities market, China export numbers added support to the benchmark oil futures WTI crude and Brent.

Bitcoin on the other hand bounced to the $52,000 level supported by El Salvador buying 400 coins as it plans to declare the coin as legal tender.