Asian shares rose on Tuesday after Wall Street gave positive cues overnight. This was because growth stocks looked attractive ahead major tech earnings. Investors are drawn to equity because of the rising expectations about a more aggressive Federal Reserve. Markets in Taiwan and China will reopen on January 30, but they remain closed on the Lunar New Year holiday. European futures point to a positive open today after finishing higher in yesterday’s session. This could trickle down to Wall Street later today.
In the currency space, the dollar ticked lower while the euro is lingering below 1.09 after yesterday’s attempted breakout. Oil bulls seem to be drawing strength from rising demand hopes as China’s economy reopens, while gold remains supported by US recession fears and bets of slower rate hikes in 2023.
Due to corporate earnings, the coming days are expected to be very eventful for equity market. Microsoft will report its results shortly after the bell today while Tesla will release its earnings late Wednesday. The week will be data-heavy with US and European economic reports in sharp focus.