Asian markets advanced on Monday, as investors responded favorably to Bernanke’s comments on Friday. Chinese markets snapped a 3-day losing streak, as the Shanghai Composite climbed .6% to 2238, and the Hang Seng rose .4% to 19559. The Kospi edged up .2% to 1913, and the ASX 200 ticked up .3% to 4330, as solid gains in mining shares offset losses in retailers. Bucking the trend, the Nikkei dropped .6% to 8784.
In Europe, speculation over a new bond buying plan from the ECB lifted markets ahead of Thursday’s ECB press conference. The CAC40 jumped 1.2% to 3454, the FTSE rallied .8% to 5758, and the DAX gained .6% to 7015.
US stock and bond markets were closed for Labor Day.
Silver’s powerful rally continued, surging 2.7% to 32.305. Copper jumped .9% to 3.489, and gold rose .6% to 1695.30.
Crude oil advanced .9% to 97.30, gasoline rose .7% to 2.9935, while natural gas inched up .1% to 2.801.
The currency markets settled little changed on Monday, thank to the US holiday. The Pound edged up .2% to 1.5894, while the Euro, Swiss Franc, and the Yen ticked up .1%. A notable exception was the Australian dollar while sank .7% following a weak retail sales report.
Tuesday’s economic reports will include ISM manufacturing PMI, construction spending, and total monthly auto sales.
Earnings are due from Campbell Soup, Pep Boys, and Smithfield Foods.