Much more optimism in Asia today as risk followed Wall Street’s big lift overnight with strong bids across all the major bourses. Gold remains stuck at last night’s high while the USD is still weak against most of the majors, although it seems the panic buying of Aussie isn’t being sustained as much as the toilet paper madness.
The Shanghai Composite is pushing well above 3000 points, up nearly 2% going into the close at 3067 points while the Hang Seng Index is finally breaking free with a solid 2% run on its own to 26751 points. This is a nice bounce of weekly support at the 26000 point level but remains a swing play only:
Japanese share markets are putting in relatively modest gains, with the Nikkei 225 closing 1.1% higher at 21329 points. The USDJPY pair is still the real proxy to watch as it remains unable to get back above the 108 handle and is slowly rolling over here, possibly presaging another turndown in stocks:
The ASX200 finally got some good runs on the board, closing just over 1.1% higher to 6395 points, with broad gains although notably travel related stocks continue to take a hit. The Australian dollar is curving out of exhaustion, still lifting but only just going into the City open at the 66.30 level as momentum becomes quite oversold:
Eurostoxx and S&P futures are lifting slightly going into the European session, with the four hourly chart of the S&P500 wanting to extend its early week gains but finding some local resistance at the 3100 point level. I still smell a dead cat here, with the uncle point clear at 3000 points:
The economic calendar is relatively quiet until very late tonight, with a speech by BOE Governor Mark Carney a big one to watch, then his counterpart in Canada gives a closely watched economic report.