Risk markets are all beside themselves as Trump pushes his “open America to a 2nd wave of coronavirus” agenda this morning, pushing the risk complex ever higher as it prices in the soon-to-be economic upside while forgetting any problems in the long run. Nothing unusual there. Gold has fallen back below the $1700USD per ounce level sharply while after a short blip higher this morning, most other undollar assets are also falling into the European open.
The Shanghai Composite was up nearly 1% going into the close, currently at 2847 points while the Hang Seng Index is doing twice as good, up 2.5% to 24606 points, as its bear trap from yesterday is turned around in line with other risk markets to a new weekly high:
Japanese share markets are the leaders however, with the Nikkei 225 closing over 3% higher to almost break the 20,000 point level, closing at 19894 points, while the USDJPY pair is a bit listless here after failing to break through the 108 level, forming a short term double top pattern on the four hourly chart:
The ASX200 launched more than 2% at the open before finishing about 1.4% higher at 5487 points, with the Aussie dollar having a similar trajectory, juicing itself up towards the 64 handle before the brakes were put on sharply this afternoon:
Eurostoxx and S&P futures are up at least 3% going into the European open with the latter wanting to get back to the 2900 point level as the buying orgy continues apace on Wall Street – damn the grandmas!
The economic calendar finishes the week with a whimper, just a private oil rig count in the ‘States and some final CPI figures in Europe.
Have a safe and fun filled weekend at home!