Macro Afternoon

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The strong overnight lead has translated into gains across Asian stock markets today while the USD advanced against the Kiwi and Aussie, it fell back against Yen as gold finally found some form as well.

Chinese stocks are positive but mixed with more action on the mainland with the Shanghai Composite closing 0.8% higher to 2923 points while the Hang Seng Index finished just 0.2% higher at 28532 points. This keeps it around the recent set of highs at 28500 as the market remains in a sideways mood here despite the lift in sentiment:

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Japanese share markets had a solid day despite the strengthening Yen, with the Nikkei 225 closing 0.4% higher at 21709 points. The USDJPY pair has stalled its bounceback at the 108 handle again and is falling going into the City open:

The ASX200 had another very solid showing with a 0.7% gain, closing at 6776 points with the rise in bank stocks overshadowing the sharp dip in iron ore players. The Australian dollar helped here as it continued its selloff to finally break below the 70 handle and key support:

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S&P and Eurostoxx futures are flat going into early trade with the S&P500 four hourly chart clearly a desire to break out above last week’s Friday highs and have another crack at the previous high near 3020 points:

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The economic calendar continues with preliminary services and manufacturing PMIs across Europe and the US tonight. Oh and Robert Mueller is testifying in Congress – that’ll be fun!