A much more measured session across stock markets here in Asia as profit taking was the order of the day – except locally as bidders kept on bidding! Concerns about coronavirus spreading in Beijing and the USA are not yet genuine or applicable to heavily goosed risk assets, with the USD retreating slightly alongside S&P futures going into tonight’s session.
In mainland China, the Shanghai Composite is going to close modestly higher at 2935 points after being down earlier in the session, while the Hang Seng Index is up 0.3% to 24412 points. Price remains poised within the mid range of the previous wide channel from May as daily momentum moderates slightly:
Japanese share markets were the only losers in the region with the Nikkei 225 off by 0.6% to 22455 points. Meanwhile the USDJPY pair has edged slightly lower to the low 107’s, having been unable to make a new session high on the four hourly chart since edging towards a breakout early Tuesday:
The ASX200 had a solid day, closing 0.8% higher at 5991 points, just shy of the 6000 point barrier as sectors traded profit for losses in some rebalancing after a volatile week. The Aussie dollar was looking to weak to start the day, but has bounced back before the London open, currently just above the 69 handle but will soon find lots of resistance at the 69.60 level:
Eurostoxx futures are down 0.2% while S&P futures were up but have now pared back slightly, as the four hourly chart is poised here right on former resistance at the 3100 points level:
