The global "everything rally" is gaining momentum, driven by softer-than-expected US CPI data that has led to a subdued US dollar, enhancing the appeal of regional currencies such as the Japanese yen and Thai baht. This has bolstered Asian stock markets, with Chinese and Hong Kong indexes experiencing significant gains. The rally is further supported by improved investor sentiment, as lower US inflation expectations suggest a less aggressive monetary policy stance, boosting demand for equities and commodities.
Commodities, particularly crude oil, are benefiting from this positive sentiment. Brent crude has extended its gains, influenced by the International Energy Agency's warning about the impact of curbs on Russian oil. This geopolitical factor, combined with a positive global growth outlook, is driving up oil prices. As of 21:02 on January 15, crude oil is trading at $80.25, slightly up from its last close of $80.04, reflecting the broader market's optimism.