A flat day for stocks across Asia with Chinese shares falling the most on poor sentiment around Hong Kong. European shares look set to open a little higher with the USD falling against the majors, particularly Yen as risk seems poised here after a frenzy of buying.
In mainland China, the Shanghai Composite pulled back from its recent gains, falling nearly 0.5% to 2943 points, while the Hang Seng Index was largely unchanged at 25044 points. Price is still poised here above the previous sideways highs from April as this breakout takes a little pause from being so overbought:
Japanese share markets continued there own pumping of the brakes with the Nikkei 225 up 0.1% to 23124 points, putting in a welcome scratch session as its price pattern goes from overbought to crazily overbought. The USDJPY pair has continued the big falls, now flopping down towards the 107 handle and wiping out all of last week’s gains and then some, ready to hit a new weekly low:
The ASX200 started off poorly but managed a good fill throughout the session to then finish with a profit taking flourish for no gains at 6148 points. The Aussie dollar came back as well despite the falls in iron ore, almost getting back above the 70 cent level and looking firm going into tonights FOMC meeting:
Eurostoxx and S&P futures are up 0.5% to 0.7% going into tonight’s session as the economic calendar creates some risk catalysts with the S&P500 looking to get back on track to being bought by everybody and his dog with the four hourly chart showing a new high about to be breached:
