CAPITAL MARKETS

Nasdaq at record, 'bears beware'

European and Australasian market futures were upbeat following a positive finish in the US, where the Nasdaq closed at a record high amid further stimulus measures and signs COVID-19 was receding in the country.

Staff reporter
 Image: iStock.com/monsitj

Image: iStock.com/monsitj

Elsewhere, the FTSE 100 had closed up 2.29% and Japan's Nikkei 225 gained 2.24%, while the Nasdaq rose 1.47% to 10,902.80.

"RECORD HIGH NASDAQ! It would all come crashing down, including your Jobs, Stocks, and 401k's, if Sleepy Joe ever became President. China and others would own us!!!" US president Donald Trump tweeted.

The US is set to hold its presidential election in November.

Marex Spectron's Alastair Munro said while Friday's official Chinese PMID data was positive enough, Monday's Caixin release pointed to "an even more robust recovery" suggesting the pace of expansion last month was the strongest in a decade.

"So whilst we may argue a correction makes sense, bears beware," he said.

Base metals except lead closed higher on the London Metal Exchange, with copper up more than 1%.

The spot gold price has ranged between about US$1,980-$1,960 an ounce in the past 24 hours and was around $1,975/oz at the time of writing.

Toronto was closed for a civic holiday yesterday.

Among the majors, Rio Tinto rose 4.13% in London, Glencore gained 3.6% and Freeport-McMoRan finished up 1.39% in New York.

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