Stock markets are generally buoyant across Asia today with a few macro releases, including Australian construction data, disappointing to the downside, but having almost no effect on risk taking.
The Shanghai Composite is up nearly 1% going into the close, taking back most of the previous losses to remain above 2900 points at 2964. The Hong Kong Hang Seng Index is up about half a percent, shrugging of its own slightly disappointing GDP print to be almost at 29000 points. The current rally remains intact , with prices remaining above the high moving average and the trendline on the daily chart:
US and Eurostoxx futures are unsteady given the glitch on the CME exchange but it looks somewhat positive for the S&P 500 tonight where that particular market needs to break the psychologically important 2800 point level to really get juices flowing:
Japanese stock markets are doing well again despite the stronger Yen with the Nikkei 225 taking back its previous losses to be up 0.4% going into the close at 21546 points, still above key resistance that had been broken recently. The USDJPY pair has come back ever so slightly in the last couple of hours, but is barely hanging on after the large selloff overnight, clinging to the mid 110’s with momentum still quite negative:
The ASX200 is up slightly, making good on its previous poor showing to currently be up 0.3% to 6145 points, maintaining above the key 6100 point resistance level after previously setting up for further gains above 6200. The Australian dollar has shrugged off the poor construction data print and all the revisions by the investment banks to remain just below the 72 handle, with short sellers unable to catch a break!
The economic calendar continues tonight with a North American focus, namely Canadian CPI, then US advanced trade goods and Fed Chairman Powell’s testimony to Congress, although that might be overshadowed by Michael “The Rat” Cohen’s testimony. Plus another DOE crude oil inventory report.