Wall Street gains for 2nd day with a little BOJ assist
Main U.S. indexes advance; Nasdaq out front, up ~1.4%
All S&P 500 sectors green: Financials lead
Euro STOXX 600 index up ~1.7%
Dollar, gold up; crude up >1%; bitcoin slips
U.S. 10-Year Treasury yield rises to ~3.94%
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WALL STREET GAINS FOR 2ND DAY WITH A LITTLE BOJ ASSIST
Shares on Wall Street are trading higher early on Wednesday due in part to comments from Bank of Japan Deputy Governor Shinichi Uchida saying the BOJ would not raise interest rates if financial markets remain jittery.
Stock markets across the globe rose as his comments helped ease the unwinding of carry trades in risky but high-yielding assets funded by the low interest rate-bearing yen.
The BOJ's rate hike on July 31 to a level unseen in 15 years had led to a surge in the Japanese unit, fueling a global stock rout as investors unwound their sharp currency carry trade positions.
All 11 S&P sectors are up on the day.
Tech titans such as Nvidia NVDA.O and Amazon.com AMZN.O are rising as well after falling sharply on Monday.
Chip stocks such as AMD AMD.O and Marvell Technology MRVL.O are also gaining.
Dave Rosenberg, founder and president of Rosenberg Associates, thinks that the market disruption from the end of the leveraged yen carry trade looks to be 60% done, meaning hedge funds no longer have these net speculative short positions on CME futures and options.
"Investors have rediscovered their verve and the dip buyers are back in force. Gone are any concerns about recession," writes Rosenberg in a research note.
"The worst Goldman Sachs says is a 25% chance of an official downturn. Markets seem to have embraced the view that the soft employment data last Friday were nothing more than a weather report."
Here's an early snapshot of assets across financial markets:
(Gertrude Chavez-Dreyfuss)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
HSBC WEALTH PICKS HEDGE FUNDS AS VOLATILITY RISES - CLICK HERE
S&P 500 INDEX: TIME FOR ANOTHER TURN? - CLICK HERE
WHAT HAS CHANGED AFTER THE MARKET MAYHEM? - CLICK HERE
ANOTHER TECH BUYER COMES INTO THE OPEN - CLICK HERE
A NEW LOW BEFORE A PROPER RECOVERY, JUST LIKE IN 2018? - CLICK HERE
BANKS LEAD GAINS IN EUROPE, HEALTHCARE DRAGS - CLICK HERE
GREEN SHOOTS FOR STOCKS - CLICK HERE
BOJ SAVES THE DAY - CLICK HERE
US markets early snapshot https://tmsnrt.rs/3SzJ1pd
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