A mixed day here in Asia with some stock markets following Wall Street down, some advancing particularly in China and its Australian satellite. Currency markets are equally quiet with gold almost unchanged with the major investment houses still wracking their brains over what to do with Chinese GDP expectations in the wake of the coronavirus outbreak.
The Shanghai Composite is clawing back its previous losses, up 0.5% after the long lunch break to 2920 points while the Hang Seng Index is up 0.6% or so to 27895 points. The recent break out above the high moving average on the daily chart has been followed through here, but firm resistance still lies at the 28000 point level above, as momentum is still not yet positive:
Japanese share markets had the droopies with the Nikkei 225 losing 0.6% to 23688 points, as safe haven buying in Yen continues to hinder the recent uptrend. The USDJPY pair remains below the 110 level and is almost unchanged but I’m still watching the 109.70 support area that has held all week:
The ASX200 lifted alongside its Chinese peers, looking set to close the week out on a very positive note, up 0.5% to 7134, remaining well above the 7100 barrier. The Australian dollar is nearly unchanged however, still unable to sustain itself above the 67.40 level against USD, but keeping the 67 handle proper away for the time being:
Eurostoxx and S&P futures are up slightly with the four hourly chart of the S&P500 still showing price bunching above the 3370 point level, getting ready for another breakout but trailing support is relatively close:
The economic calendar finishes the week with German and EZ wide GDP figures for the 4Q 2019, then US retail sales for January. Have a good weekend!