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Reflation Trade Helps Bourses Higher

  • A marked decline in daily new infections globally, alongside an impending fiscal stimulus package in the US, have buoyed reflation hopes and led risk assets higher.
  • Several equity markets in the Asia time zone have returned from LNY holiday's and posted robust gains. Markets in South Korea and Japan lead the way higher with gains of over 1.5%; South Korea posted strong export data for the first 10 days of February, while Japan posted Q4 GDP data above estimates which saw the Nikkei 225 trade over 30,000 for the first time in 31 years.
  • Futures are higher in the US, e-mini S&P up around 16 points as the major indices touch record highs. Volumes and news flow are expected to thin today with US participants observing President's Day.

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