Not the Prince
Trading Day covers the relevant moves in the Asian stock, commodity, debt and currency markets including a review of the top 8 Australian stocks – the top 4 miners and banks, highlighting trading ideas and investment opportunities. Remember to read “Trading Week“, published each Saturday morning, to put these events and ideas in context.
The S&P/ASX200 reopened after the long weekend, falling sharply on to start with before grinding out a small recovery, finishing down 27 points or 0.6% to 4292 points, now below the 4300 point resistance barrier its been playing with for months.
Other Asian markets had already reacted to the US non-farm payroll figures but also waited on the Bank of Japan meeting where no further monetary stimulus was announced. Japan’s Nikkei 225 was flat at 9538 points whilst China’s March trade data gave the SSE Composite a lift, currently up 0.6% to 2300, whilst the Hang Seng was down nearly 1% to 20404 points.
The AUD started the session positively, but lost about 0.4 of a cent against the USD following the data releases, currently just below 1.03, flat against the Euro at 78.67 and sharply down against the Yen, from an intraday high of 84.6 to 83.8 currently. These post-Easter moves follow the general weakness in the Aussie that we’ve been highlighting here for sometime.
Gold had a solid Asian session, but is now falling sharply moving in the London trade, still up 0.5% at $1648USD an ounce. In AUD terms it was up $9 to $1600 per ounce.
I’m still keeping an eye on the AUD gold price – there could be a long opportunity here brewing even better than following the USD spot price (using the ETF GOLD, which I covered here), but I’m not so sure just yet – but I’ll cover this shortly.
The ASX8
Again, I’ll have to put this off til tomorrow – I’m still integrating my charts with the Bloomberg Terminal so I’ll get there eventually.
The Futures
The futures are looking flat shaky into the European session. Euro markets are pointing to mixed opens, with Eurostoxx futures off by 0.25%, whilst US markets look flat, the local market is up a few points at 4300 points. The market-moving data to watch tonight is German merchandise trade, French industrial production, and US Redbook and wholesale trade figures.
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