Asia equities take incentive from Wall Street, which ripped back opening losses as calming in energy complex eased inflationary concerns, while US ADP jobs data and short-term debt limit extension offer added to the tailwinds. It’s worth noting that global stock markets made an inspiring comeback from their yesterday lows as energy prices consolidated. US Senator McConnell provided Democrats with a proposal on the Debt Limit. The theme could drive the price action today as McConnell declared a short-term debt ceiling vote is possible later today.
The recent upside in the energy complex might ease the session ahead as ICE put trading limits in some markets. Particularly after Russian President Putin touted Russia, it would be raising its contracted supply to Europe and the world. On the geopolitical front, US-China relations have improved after US’ Sullivan met China’s Yang Jiechi and laid out the blueprint for a Biden/Xi virtual meeting “before year-end”. Focus now turns to weekly US jobless claims, while traders will be paying attention to the Central Bankers chatter with Fed’s Mester and PBoC governor Yi Gang set to give remarks.
