_EcoRon_

Global growth has once again been thrown into the spot light and this should continue over the next twelve hours or so. China’s (HSBC) manufacturing numbers out of the small and medium-sized businesses came in below expectations at 50.5, with the new orders component showing contraction at 48.6 (down from 50.5 in March).

The strong moves in the Nikkei seem quite logical to us, given USD/JPY has once again rallied just shy of the 100.00 level. However, what seems less logical was the early spike higher in FTSE futures (currently up 0.9%) on what seems like limited news flow.

Another day, another high in the US markets.

It seems US equity markets have hit somewhat of a sweet spot and no doubt the new all-time highs seen in the S&P 500 will attract new retail money into the market.

After last week’s drama, things should settle down a bit now, with the calendar looking a lot less frantic.

Despite most forex and Japanese equity players being transfixed on perhaps one of the most eagerly-awaited central bank meetings for some time, there are still some very interesting thematics which are gripping other parts of capital markets.

There’s been an underlying negative tone in Asia today, despite a positive US and European lead, and strength in Japanese equities.

It’s hard to remember a week where traders in all parts of capital markets will need to think tactically, but trade nimbly.