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Asian markets are trading deep into the green territory, helped by the positive momentum seen during the U.S. trading hours. The Japanese Nikkei is currently trading above the break-even line for the first time in 9 days.
The positive close by Wall Street pulled the Asian markets higher on Monday, helping the MSCI Asia Pacific index bounce higher from an 8-weeks low. Most optimism came as Goldman Sachs was upgraded to “buy,” just one day ahead of the earnings results, and after Singapore lifted its growth forecast for the current year. For now, the economy of Singapore is expected to contract between only 4-6%, instead of the prior forecasts of 9%, TheLFB-Forex.com Trade Team said.
The vast majority of stocks are trading in the green in the Nikkei 225 index. The biggest gains were seen in the carmaker industry, where the automotive companies have said they are planning to increase their Chinese production, as this market is expected to become the largest in the world in the next few years. Together with the carmaker sector, the steel industry advanced on Monday, aided by the fact that car demand is picking up and after one of the biggest steel makers from the Asian region said that output might increase more than forecasted this year. Every company from these two industries, car and steel makers advanced on Monday.
Overnight, the Japanese Nikkei added 201.05 points (2.22%) to 9,251.38. The Australian S&P/Asx rose 92.70 points (2.48%) to 3,830.20
Crude oil for August delivery was recently trading at $60.05 per barrel, up by $0.30.
Gold for August delivery was recently trading lower by $4.10 to $918.40.
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