Asia-Pacific market equity flows are moving in encouraging momentum while US futures (US) futures made a surprise bounce.
Japan’s Nikkei 225 started trading with a gain of 1.19% while Topix jumped 1.2% and South Korea’s Kospi climbed 0.16%.
Dow Jones Industrial Average futures jumped 300 points at 1%, S&P 500 futures hit 1.1% and Nasdaq 100 futures rose 1.1% even as Wall Street was still closed for the Juneteenth holiday.
For the record, the US equity market last week suffered its 10th weekly loss in 11 weeks after a 75 basis point hike by the Federal Reserve (Fed).
It is also understood that it has had a profound impact on investor sentiment on the impact of such actions on the economy, which could indirectly lead to a recession.
Also, the market remains cautious this week with Fed President Jerome Powell set to testify before Congress on Wednesday and Thursday, in addition to the European Central Bank's (ECB) plans to raise rates twice after this.
Earlier, ECB President Christine Lagarde expressed support for a rate hike in keeping inflation stable at the 2%target.
The movement of the currency saw the dollar index at 104.407 while the Japanese Yen weakened at 135.05.
As for commodities, oil prices remained high with benchmark Brent crude futures up 1.04% at $ 115.32 while US crude futures added 1.82% at $ 111.55 a barrel.
On the other hand, the cryptocurrency is still experiencing a bearish phase with Bitcoin (BTC) plunging to a new 2022 low of $ 17,601.58 before rising back to the $ 20,000 level on Monday.
