Markets surge again, ignoring yesterday’s decline

Tuesday was a negative day for US stocks as indices erased all intraday gains and dropped sharply in the last hours of trading. However, this is all a forgotten history as futures are up 1% during the London session on Wednesday.

Tech stocks are bid again despite some negative news from China, where smartphone shipments plunged 35% in July compared with a year earlier, government data showed. That marks a steeper decline than in May and June, when shipments dropped 10% and 16%, respectively.

But, no one cares, with the mobile and chip sectors soaring to record highs nearly every day. 

Metals were hammered during the overnight session as sentiment worsened notably after yesterday’s huge sell-off, but the dip was bought and both the silver and gold were trading with gains at the time of writing. 

In FX, the greenback was mixed, down against the euro or sterling, but higher against the yen and commodity-linked currencies. 

Later in the day, US CPIs are due, which could bring some volatility to the USD and US stocks.