Optimism is creeping back across Asian stock markets in response to the broad moves higher on both sides of the Atlantic as the buy the dip crowd steps in, helped along by a surge in oil prices. Bitcoin is floating along above the $32K level thanks to some Elon-pumping while gold is still suffering after its start of week fake-out that has seen it fail to breach the previous weekly high as it now crosses below the key $1800USD per ounce level:
The Shanghai Composite is up 0.2% to 3575 points while the Hang Seng Index is finally finding a bottom doing the best in the region to be up 1.8% at 27695 points. The USDJPY pair remains stuck just above the 110 handle and unable to garner any positive momentum in the short term as it fails to beat the Friday night highs:
Australian stocks are moving higher again with the ASX200 lifting over 1% to close at 7386 points in a very solid breakout even as the Australian dollar lifts slightly higher, trying to get above its overnight session high at the 73.60 level going into the London open:
Eurostoxx and S&P futures are edging only slightly higher with the four hourly chart of the S&P500 showing price holding on above the 4350 point level but still not yet clear of the previous highs as momentum stays positive but not yet overbought:
The economic calendar is US centric tonight with initial jobless claims and existing home sales data for June.