Asian stocks are rising despite the poor lead from Wall Street overnight, as oil prices rise to new highs and bond yields continue to spike with S&P futures looking to claw back last night’s losses. Bitcoin is having a grand 24 hours after the Musk man pushed the whole edifice over, its now back at $50K, down 15% or so – or where it was halfway through last week:
The Shanghai Composite is up over 0.3% going into the close, currently at 3654 points while the Hang Seng Index is soaring back in style, up 1.6% at 30801 points. Meanwhile Japanese markets are still rebounding, with the Nikkei 225 finishing nearly 0.6% higher at 30156 points as the USDJPY pair is still dicing with the 105 handle after its early week breakdown:
The ASX200 is finally playing catchup, gaining more than 0.8% to 6839 points while the Australian dollar is still highly elevated following its Friday night surge, now hovering just above the 79 handle as the commodity boom keeps a-booming:
Eurostoxx and S&P futures are broadly tracking higher this afternoon before the European opening session, up between 0.5% and 0.8% despite the four hourly chart of the S&P500 still showing a break of the previous week’s low that could spell some trouble ahead:
The economic calendar includes two big ones – European core inflation and the latest US consumer confidence print.