Finally, a decent rebound in stock prices in Asia, as markets follow the dual European/US mood and lift across the board. The problem is with Treasury yields still not lowering and the USD remaining weak, can this bounce be sustained through the week with another earnings season around the corner.
The Shanghai Composite finished the session up 0.7% at 2564 points, still below key support at the 2600 level but hanging in there. The Hang Seng Index was flat at 25462 points, still below its previous support level at 26000 points but the daily chart is signalling a potential bottom here:
S&P and Eurostoxx futures are up 0.2% with the four hourly S&P 500 chart wanting to break free above ATR resistance at the 2820 level, so watch there tonight:
Japanese stocks continue their recovery from the previous session as Yen sold off slightly again with the Nikkei 225 rising 1.2% to close at 22841 points. The USDJPY pair is slowly coming back, remaining just above the 112 handle as it tries to shake off what was a solid downtrend:
The ASX200 was one of the best performers, up nearly 1.2% to close at 5939 points, trying to get back on track again but still short of psychological resistance at 6000 points. The Aussie dollar remained steady just above the 71 handle, as it dices with short term resistance at 71.30 or so on the four hourly chart:
The economic calendar has two major and quite sensitive releases of note tonight, the first being UK CPI for September, then the latest FOMC minutes.