by Chris Becker
So as Trump spits the dummy, stocks boomed across Asia, mainly due to increase Chinese exports, but also the growing sense of a free for all on Wall Street. This is leading to a lot more risk taking as bonds are dumped left, right and centre and stocks are bid again after last nights new record high on the broader S&P500.
The Shanghai Composite is putting in a series of positive sessions, finishing the week with another solid 0.5% uptick, just below the 3200 mark. The Hang Seng Index is even better, up 0.6% in what I contend is a KC Signal – too far, too fast and ripe for a pullback with the daily chart looking well overdone:
Japanese stocks however are doing the best, with the Nikkei up over 2% as the Yen is old off against USD, closing at 19378 points. The hourly chart for USDJPY shows a continued melt up after last nights big breakout, currently at 113.75 but likely to head through the 114 handle later tonight on the positive USD mood:
S&P Futures are following suit now well above 2300 points and ready to making another new high tonight:
The ASX200 finished up 1% higher to be above 5700 points once more, closing at 5720 in broad gains across most sectors. BHP pipped up nearly 2% after its recent pullback on the copper mine strike, while Megabank did well across all divisions, gold miner Newcrest slumped 3% on the gold price correction overnight.
The Aussie dollar tried to burst out of the gate on the Sydney open, rising up to 76.50 but again failed to make a new session high and is back at 76.40 awaiting the London open. I would contend it might have a rough night ahead if the USD train gains momentum:
The data calendar ends the week with a few ECB wonk speeches, Canadian unemployment and the Uni of Michigan confidence print for February.