US markets ended the week higher on Friday, after news on AMBAC to keep keep their AAA ratings helped the market to rally in the last 30 minutes. Record commodities prices such as oil and gold also helped overall market to boost up throughout the week. Dow rose 96.72 pts or 0.79% to 12381.02, S&P500 rose 10.58 or 0.79% to 1353.11 while Nasdaq climbed 3.57 pts or 0.16% to 2303.35. This week, more data to come out of the US will help determine the markets movement. These data are: Existing home sales data on Monday, prices on wholesale level and PPI data on Tuesday, Sales on new homes and reports on durable goods orders on Wednesday and consumer spending and income on Friday.
Asian markets may start the week higher today following the strong market close at the end of last week for Wall St. Higher commodities prices may help the markets to rise higher today. Crude oil was recently traded around $99 per barrel, gold traded around $945.60ish and JPY traded at 107.24ish. Nikkei futures was closed at 13570, higher than the close of 13490 here on Friday.
Kospi may start higher today at around 216ish following the late rally on Wall St last Friday. Commodities prices and a little bit of positive buying may help Kospi to rise today. However, with recession worries amongst the investors and worries about further weakness for the US economy may prevent market to make huge rally. High volatilities may still be expected from Kospi today which may help us.
Hangseng may start the trading week higher at around 23600ish with the help of high commodities prices. Similar pattern may happen here in Hangseng too with worries in investors' minds may prevent market to rise too much and high volatility in the market may prevent market to rise too much. However, a surge in buying stocks may happen with investors short-lived optimism paced the market and may cause market to test the 24000 level today.
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