Stocks are advancing across Asia in the wake of optimism that a trade deal between US and China can be struck before the December 15 tariffs kick in, with the ASX up over 1% while the USD treads water against most of the majors.
The Shanghai Composite has lifted nearly 0.7% and looks set to close just below the 2900 point level again at 2896 points. The Hang Seng Index is staving off its another breakdown, gapping higher on the open but waning in later trade, up only 0.3% to 26151 points with the daily chart still looking bearish:
Japanese share markets have fought back after a recent stumble despite not much of a rise in risk proxy USDJPY pair, with the Nikkei 225 closing 0.7% higher to 23268 points, remaining well clear of daily support at the 23000 level. The USDJPY pair was unable to advance on last night’s swing move, edging slightly lower throughout the session and currently at 108.80 and in between the moving average band and very flat going into the City open:
The ASX200 was this time the biggest winner, shooting some 1.1% higher to 6683 points on the back of major gains in bank stocks – told you the monkey boomers would step in! The Aussie dollar is not falling any further in the wake of poorer macro news, but is still unable to make any new four hourly session highs, currently still below the mid 68 level:
Both S&P and Eurostoxx futures are up only slightly with the S&P500 four hourly chart showing the recent bounceback finding resistance at the 3120 point level so watch any moves below the low moving average in tonight’s session:
The economic calendar has various secondary prints including final German factory orders and US initial jobless claims.