A sea of green, but not quite as deep as expected following the orgy of buying on Wall Street on Friday night after the better than expected monthly US jobs report. Enthusiasm to reflect those overseas returns into something substantial has waned, with Australian markets closed due to the long weekend, with most major currencies listless going into the European open.
In mainland China, the Shanghai Composite has started the week with a small up session, finishing 0.25% higher to 2937 points, while the Hang Seng Index didn’t go anywhere, finishing where it started at 24773 points. This keeps price just above the previous sideways highs from April as this market gets ready to breakout:
Japanese share markets however had no problem in keeping up, with the Nikkei 225 gaining 1.3% to 23178 points, continuing its extremely overbought uptrend. The USDJPY pair is unchanged however, sitting at the 109.50 mid level after hitting the previous monthly high at 109.40 on Friday night:
The ASX200 was closed today, but SPI futures are indicating a big open tomorrow – if Wall Street holds tonight. The Aussie dollar is unchanged as well, as momentum wanes as the week starts, remaining just below the 70 cent level:
Eurostoxx and S&P futures are up 0.5% or so as risk can’t be held back with the daily chart showing hugely overbought levels as everyone goes all in on the deluded idea that the next 12 months will surpass the previous six months of economic activity:
