Another volatile day for Asian stock markets with a clear divergence between external hesistion and internal delusion as the ASX200 continues to be bid higher. Meanwhile the release of the emergency RBA minutes plus some shocking regional PMI data didn’t upset currency markets much, while a touted phone call between Putin and his pal Trump over the manufactured oil crisis sent the sweet black tea futures up a touch before deflating again.
The Shanghai Composite is struggling going into the close, currently up only 0.2% to 2758 points while the Hang Seng Index is down at least 1.4% or so to 23268 points, still unable to keep above above its high moving average on the daily chart, ripe for a rollover:
Japanese share markets had the biggest falls in the region, with the Nikkei 225 falling over 2% to close at 18384 points, still unable to get back above the 19000 point level. The USDJPY pair had a small chance of breaking below the 107.30 support level but has paused its minor decline in afternoon trade – watch this space however:
The ASX200 has had another wild day, but all upside this time with a 3.5% strong advance, closing at 5258 points. Meanwhile the Aussie dollar is still hurriedly going nowhere, stuck above the 61 handle as it looks set to complete a rounding top pattern:
Eurostoxx and S&P futures are pulling back in line with Japanese shares after stalling at the previous resistance levels, namely 2600 for the S&P500, with its four hourly futures chart about to complete a double top pattern:
The economic calendar includes German retail sales and older EZ wide unemployment figures before we get to the latest ISM manufacturing print from the US.