US markets rose overnight, led by energy producers on higher energy and commodities prices. Retailers and homebuilders also lead the trend with optimism that the Fed will cut rate further this month or during the scheduled meeting on March 18th. However, banking stocks still slumping overnight with more credit concerns weighing heavily on this sector led by AIG after it reported $4.88 billion loss in credit-default swaps. Tech sector also rallied led by Yahoo after it rejected Microsoft's takeover bid saying that the bid's too low. Dow rose 57.88 pts or 0.48% to 12240.01, Nasdaq climbed 15.21 pts or 0.66% to 2320.06 while S&P500 rose 7.84 pts or 0.59% to 1339.13.
More Asian markets will start trading again today after the long Chinese New Year holidays last week. Oil prices rose again overnight and traded around $93.60ish per barrel, gold traded around $923ish and JPY traded around 106.90ish. Nikkei futures closed at 13020 in CME last night.
Kospi may open higher following the slight rise in Wall St overnight and it may open around 211ish. It may trade higher further, rebounding from yesterday's heavy losses led by bargain hunters but market volatility may still be high as global economy concerns still remains in investors' mind.
Hangseng may open higher around 22600ish, rebounding from yesterday's losses and maybe helped by optimism that the Fed will cut rate further in near term. It may test the 23000 level but also note that the market is in bearish territory right now and that may put some pressure on the market.
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