by Chris Becker
Stock markets are quite mixed across Asia, with Chinese stocks leading the way due to PBOC injections while the rest of the region is slumping from the poor confidence on Wall Street’s close on Friday night. Gold continues to moderate from its big correction last week, still anchored at or around the $1950USD per ounce level, while silver is similarly poised just below the $27 level, not quite ready to breakout:
In mainland China, the Shanghai Composite has been boosted by some central bank juice, up nearly 2% to the 3425 point level while in Hong Kong the Hang Seng Index is being pulled along, currently up 0.7% to 25365 points. Japanese stock markets however are showing the way, with the Nikkei 225 closing 0.8% lower at 23096 points, with the USDJPY pair unchanged from its Friday night rebuff just below its July support level at 106.70 (upper black horizontal line) as momentum flat lines:
The ASX200 lost ground as expected, falling some 0.8% to 6076 points while the Australian dollar momentarily lifted up towards the 72 handle but is still looking confused here, only helped by the broader USD weakness trend and still generally directionless for the last two weeks:
Eurostoxx futures are down 0.2% while S&P futures are basically treading water as USD weakens, with the S&P500 four hourly chart still showing significant resistance building at the pre-pandemic highs at the 3380 point level:
