by Chris Becker
Its thin and choppy trading across Asia as risk markets await the central bank gabfest in Wyoming tonight. Its still positive though with all bourses except the satellite Chinese ASX200 lifting for the day, while crude oil retreated and gold remained firm.
In mainland China the Shanghai Composite has shot out the gate and finally broken through key resistance at 3300, currently up 1.4% higher to 3317 points. Huzzah! The Hong Kong based Hang Seng Index is also joining in on the bullish mood, up nearly 1% to be at 27786 points. This makes for a new daily high, clearing the current congestion, so we should see a retest of the previous high just below 28000 points soon:
Japanese stocks enjoyed the very flat CPI print indicating more QE and other stimulus might be on the way, with the Nikkei up 0.6% at 19471 points, still below the very firm resistance at the 20,000 point level. The USDJPY pair is having another go at breaking its mid-week high here at the 109.60 level, on the back of the weaker Yen. The next level here is obvious weekly support at the 108.80 level:
S&P futures are steady as no-one wants to take a position before the central bank speeches at Jackson Hole tonight:
The ASX200 is flat as a tack unchanged to end the week at about 5746 points. Again, iron ore and mining stocks rallied as the banks deflated, making for another unexciting session.
The Aussie dollar is flat after almost breaking through four hourly support at the 78.70 level but still unable to make a new session high here. Momentum is negative so any pro-USD noises tonight could see a quick retracement back down to the 78 handle:
The data calendar ends the week with the Jackson Hole conference in Wyoming with both Janet Yellen and Mario Draghi giving speeches. We also get durable goods orders for July.