A mixed end to a big week here in Asia with only Australian stocks putting on a solid bid, although Japanese stocks rallied later in the afternoon as Governor Kuroda was upbeat about Japanese growth prospects. Trump is having another go at China with a new round of tariffs set to be announced today, ramping up the trade war. This could get exciting!
The Shanghai Composite continues its slump, falling 0.7% to 3021 points, now ready to crack below terminal support at 3000 points proper. The Hang Seng Index has stabilised somewhat, only falling 0.1% to close at 30407, again almost reaching the intersection of its weekly uptrend line and daily ATR support at 30000 that must hold:
S&P futures are slipping alongside Eurostoxx, as caution reigns and risk is assessed following the trifecta of central bank meetings to close the week out:
Japanese stocks did fairly well with the Nikkei 225 closing about 0.5% lower at 22851 points, but still unable to climb above considerable overhead resistance at the May high. The USDJPY pair is now dicing with the 111 handle amid the big rally in USD on the back of the FOMC rate rise and the trade war, almost ready to touch the upper end of the trend channel here on the four hourly chart:
The ASX200 was the outstanding market, soaring over 1.2% to finish at 6094 points as a result of a big slump in the Aussie dollar, capping off what was going to look like a very poor week! The Aussie dollar looks finished here as it falls well below 75 cents versus USD, finding a temporary bottom before tackling the next support level way below at 72 cents:
The data calendar finishes the week with a whimper, the University of Michigan consumer sentiment print the only release of note to keep an eye out for.
Have a good weekend!