Stewart Island NZ 2005, Credit: Chris Becker photo
Stocks are being bid left right and center across Asia, although Australian traders should’ve had a long weekend since the ASX has had tech issues all day long, unable to trade. The USD has been largely weak against most of the majors although its coming back in afternoon trade, with Bitcoin having a nasty gap down this morning that is now half filled. Gold is still under pressure but is slowly finding some life, almost lifting up to the $1900USD per ounce level where its beginning to find resistance:
The Shanghai Composite is bouncing back sharply, up 1% going into the close, currently at 3313 points while in Hong Kong the Hang Seng Index is up 0.5% to be just above 26260 points. Japanese stock markets are the best performers with the Nikkei 225 climbing just over 2% to 25898 points not being helped by a stronger Yen as the USDJPY pair has given up more ground below the 105 handle:
The ASX200 technically closed 1.2% higher – where it was in the morning before the shit hit the fan – closing at 6484 points while the Australian dollar continued its Friday night lift by edging closer to the 73 handle although its stalling a little going into the London open:
Eurostoxx and S&P futures are bouncing back strongly too with the four hourly chart of the S&P500 showing price wanting to beat the October highs as short term momentum goes extremely overbought:
The economic calendar starts the week with some Fed and ECB speeches, but also the latest US retail sales data.