Another day of stupidity on local stocks, with the ASX200 selling off because ScoMo had some choice words for the unwashed hoarders, while other stock markets lifted across the region. Nevertheless, US futures are down going into the European open with the USD retreating against the majors, except gold which is looking wobbly after several sessions of epic volatility. The PBOC weakened Yuan substantially today with a much higher fix at 7.0328 from yesterdays near 7 level.
The Shanghai Composite has gapped higher at the open and is currently up 1.3% going into the close, currently at 2798 points while the Hang Seng Index is putting in a scratch session after starting lower in the day, currently at 23281 points with the daily chart still quite weak:
Japanese share markets continue to lift with the Nikkei 225 up 0.5% to 17100 points with the USDJPY pair pulling back slightly after almost reaching last week’s peak nearer the 108 handle as a small double top pattern forms here on the four hourly chart:
The ASX200 is still keeping everyone on edge with a near 5% drop after rallying over 6% previously. This remains nuts and doesn’t help confidence one bit, with the market struggling to clear the 5000 point area, just scraping in at 5048. The Australian dollar had another tight trading range and is currently just over the 60 handle after failing its bullish falling wedge pattern yesterday on the four hourly chart:
Eurostoxx and S&P futures are pulling back again, down 2% so far with the four hourly S&P futures chart at a critical juncture here, ready to break back below the 2400 point level for yet another new low: it aint over!
The economic calendar is relatively quiet tonight with Canadian CPI the only event of note as local traders gear up for tomorrow RBA emergency meeting and numberwang labour force print.
Oh and a word to the wise. Stop reading news.com.au, The Australian and other Murdoch toilet paper substitute when trying to stay up to date on the coronavirus.