A somewhat mixed end to the week here in Asia with most stock markets rising the wave of confidence that has set in on Wall Street earlier. Despite advancing local currencies due to a reversion in USD sentiment, plus falling oil prices, stocks look set to build from here – if tonight’s US unemployment print doesn’t come in too hot.
The Shanghai Composite is up over 1% going into the close to be at 2637 points, maintaining itself above key support at the 2600 level. The Hang Seng Index is doing even better, surging over 2% to 26026 points, just above the previous support level at 26000 points as this bounceback gains in confidence:
US and Eurostoxx futures are up, with the four hourly S&P 500 chart showing some hesistation below the previous monthly trendline (in black ) at the 2745 to 2750 area, which needs to be breached before calling this correction over:
Japanese stocks didn’t do too bad considered the Yen headwind overnight, with the Nikkei 225 closing 0.7% higherat 21836 points, capping off a much better week. The USDJPY pair was pushed down slightly before stabilising here at the 112.70 level, following last night’s quick reversal below the 113 handle:
The ASX200 has not had the fairytale ending to the week, selling off slightly mainly due to strength in the Aussie dollar, to be down 0.4% to 58419 points. The Aussie dollar has maintained itself over the 72 handle holding on to its new two weekly high but there is some minor selling to watch here going into tonight’s NFP:
The economic calendar finishes the week with the big one – US non-farm payrolls, or NFP the monthly unemployment print.