Macro Afternoon

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Stocks in Asia have generally pushed higher following the record highs on Wall Street overnight with the USD still selling off against the undollars as traders readjust to the Fed’s dovish stance. Local stocks are the exception with the fall in iron ore price taking down Rio Tinto and BHP, while Bitcoin is struggling as Trump comes out against cryptocurrencies in general.

The Shanghai Composite is finally gaining some traction, up nearly 0.5% currently at 2931 going into the close. The Hang Seng Index is up about the same and consolidating yesterday’s rise to be at 28547 points, trying to maintain itself above the previous set of highs at 28500 as it bounces off support at 28000:

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Japanese share markets are mixed with Yen firmness upsetting the TOPIX while the Nikkei 225 only up 0.1% or so at 21668 points. The USJDPY pair is still above the 108 handle after its swift reversal overnight, but suffered a mild selloff mid session:

The ASX200 is the loser for the day, down 0.3% to be back below 6700 points while the Australian dollar continues its bounce to almost be above the 70 cent level against USD:

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S&P and Eurostoxx futures are up with the S&P500 four hourly chart suggesting a decisive break above the key psychological 3000 point barrier as the market goes all in on the Powell Put:

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The economic calendar finishes the week with a quiet night, a few tertiary releases and central bank speeches, plus the Baker Hughes private oil rig count.