Macro Afternoon

Advertisement

by Chris Becker

Mixed sessions again here in Asia as share markets wait with baited breath for Fed Chair Powell to have a say at the virtual Jackson Hole meeting later today, with European and US futures down a little as the sidelines get crowded. First to gold which was unable to capitalise on last night’s bounceback, weakening down to the $1940USD per ounce level after previously breaking terminal support as it drifts sideways again:

In mainland China, the Shanghai Composite is whipsawing around the previous close, currently up 0.3% to 3338 points while in Hong Kong the Hang Seng Index is the worst off, down nearly 1% to 25240 points. Japanese stock markets are also stumbling along, the Nikkei 225 falling 0.3% to close at 23208 points, with the USDJPY pair just holding here right on the 106 handle after its sharp reversal overnight:

Advertisement

The ASX200 managed to eke out a very small gain, up 0.2% to 6126 points as earning season rolls on while the Australian dollar is losing steam as it gets ahead of itself, consolidating right on trailing resistance at the 72.40 level and still unable to beat last week’s high:

Advertisement

Eurostoxx futures are down 0.2% alongside US stocks but it doesn’t matter really – buy buy buy! The S&P500 four hourly chart is still high as a kite and could burst through the 3500 point level anytime soon, for no reason whatsoever: