Another relatively mild session across risk markets here in Asia today until late in the session with traders eyeing the latest musing from China on the trade war with the US. Chinese stocks were the worst off with the Shanghai Composite down a handful of points again, remaining below 2900 points while the Hang Seng Index continued its mild retreat, down 0.3% to 25599 points. Price remains under pressure below the low moving average on the daily chart, and still looks set to return to the terminal low just below 25000 points:
Japanese share markets put in scratch sessions, closing before a big selloff in Yen, with the Nikkei 225 closing largely unchanged at 20460 points. The USDJPY pair was hovering just below the 106 handle after a very quiet session overnight, but is moving higher on the trade comments from China:
The ASX200 was the best again in the region, but its all relative, as it escaped with a very mild rise of 0.1% to finish at 6507 points. The Australian dollar helped by falling on the CAPEX data and is now threatening the 67 handle, nearly matching the Monday morning gap open:
S&P and Eurostoxx futures are up sharply, indicating a reversal of confidence as markets jump on anything perceived as good news with the S&P500 four hourly chart showing price breaking out above recent resistance at the 2900 point level:
The economic calendar continues with three big releases to watch tonight, namely German unemployment, then the US 2Q GDP print and advanced trade goods data for July.