Positive sentiment is evident in early trading on Monday with Japanese stocks reaching a three-month high and safe havens, like sovereign fixed income and gold, are selling off.
The Japanese Nikkei was most recently trading up 200.10 points to 8949.93 — the highest since early January. Sydney’s S&P ASX 200 was most recently up 13.00 points to 3748.6. Chinese stocks are leading the way in percentage terms with the Hang Seng was up 586.28 points, or 3.9%, to 15131.97.
Yields on 10-year Australian notes are up 12.2 bps to 4.55% while Japanese 10-year futures fell below 137 to their lowest in five months. On the spot market, 10-year Japanese government yields are up 2.0 bps to 1.45%.
Gold has fallen to its lowest level since Jan. 29 after reports showed a fall in etf holdings. Most recently, spot gold was trading down $15.70 to $877.40 per troy ounce.
Yields on three-year Australian notes were up 3.4 bps to 3.97 and the Australian 90-day September 09 contract was up 7.0 ticks to 97.33. The Euroyen September 09 contract was flat at 99.46.
The Australian dollar was up 0.39 cents to 0.7192 against the USD while the New Zealand dollar is up 0.0082 to 0.5940.
Against the yen, the U.S. dollar was most recently up 0.48 points to 100.79. Meanwhile, the euro was up 0.86 cents to 1.3570 USD.
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