Again we’re getting a lot of mixed signals across stock markets at least in Asia with Chinese bourses pulling back while Japanese and local stocks lift higher, despite the lack of a lead from Wall Street overnight. This has not yet translated into anything substantial for European markets with futures barely lifting off the ground as the USD returns to strength against most of the major currency pairs, including gold which has slipped below the $1900USD per ounce barrier. Bitcoin continues to go nowhere as volatility reduces, with price hovering just below the $37K level with the target below at $30K not that far away:
The Shanghai Composite is pulling back sharply, down nearly 1% going into the close to be at 3589 points while the Hang Seng Index is whipsawing again, down nearly 0.6% at 29294 points. Japanese stocks are moving out of hesitation mode finally with the Nikkei 225 lifting 0.4% to close at 28944 points as the USDJPY finds some life this afternoon, lifting up towards the 110 handle after deflating all week so far and hovering just above ATR support:
The ASX200 zoomed back to life on the latest GDP print, lifting over 1% to hold yet again well above the 7100 point level, closing at 7217 points, while the Australian dollar is finding heavy resistance overhead, with the four hourly candles showing a lot of selling intrasession and now a breakdown to the start of week starting point at the 77.30 level, looking weak yet again:
Eurostoxx and S&P futures are up slightly going in the London open with it should get a bit busy with the four hourly chart of the S&P500 flat lining in more ways than one, with price wanting to get past the 4200 point level but that megaphone pattern is broadcasting stalemate for now as momentum dives off:
The economic calendar includes German retail sales and the latest Fed Biege Book.