US sanctions waiver Asia

Apr 22 02:04 2019 Print This Article

Prepared by Jeff Halley, Senior Market Analyst

 

US sanctions waiver Asia

Robust US retail data and a continuing positive procession of Q1 earnings data lifted Wall Street and the dollar on Friday. However, the bond market continues to be more circumspect among all the upbeat noise from earnings – or perhaps relieved – with yields falling slightly across the curve.

The divergence is worth noting, especially if it continues throughout the week. Wall Street has an avalanche of Q1 earnings inbound from tech and industrial heavyweights this week. Given the out-performance of results thus far, a lot of positive expectations are being baked into equity prices at these levels, with the S&P just shy of all-time highs as an example. The end of the week, therefore, should provide more clarity over whether the equity markets are being irrationally exuberant, or the bond markets overly cynical.

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