by Chris Becker
Risk markets are still in divergent mode, not helped by the long weekend here in Asia for Singapore and Japan, with reaction to Trump’s executive orders muted. Gold has survived its Friday night drop, heading into short term support just above the $2030USD per ounce level today, with silver the one that’s moving, currently breaking out above the $28USD per ounce level after falling nearly 10% on Friday:
In mainland China, the Shanghai Composite was positive but flat before the lunch break, now breaking out again, up over 1% to 3397 points, while in Hong Kong the Hang Seng Index is down 0.3%, as negative momentum drags it down to 24464 points. Japanese stock markets are closed for yet another holiday with the USDJPY pair gapping down slightly after its Friday night surge and looking staid here:
The ASX200 is the standout as a bank rally claws back all and then some of its Friday losses, closing 1.7% higher to 6110 points. The Australian dollar is dead flat, unable to recover from its bludgeoning on Friday night from the NFP print as USD switches sentiment to positive:
Eurostoxx and S&P futures are up slightly with the S&P500 four hourly chart still showing no signs of reversal of the previous week’s breakout above 3270 points, although momentum is diverging as the NASDAQ failed to make yet another new record high:
