A much better start to the trading week here in Asia as Chinese tech stocks rebounded after last week’s bloodbath. The weekend gap has seen currencies basically unchanged, although Bitcoin is finding some life later in today’s session, oscillating around the $40K level. Meanwhile gold is continuing to deflate from its Friday high nearer the $1830USD per ounce level as momentum reverts back to a neutral session:
The Shanghai Composite is shooting out of the gates with a big surge to start the week, up more than 1.9% to 3462 points while the Hang Seng Index is up about half that, 0.8% so far to take back half of Friday’s losses, currently at 26192 points. Meanwhile Japanese stocks are also loving the start of the trading week/month, with the Nikkei 225 closing 1.8% higher at 27783 points. The USDJPY pair has continued to stabilise below the 110 handle after last week’s mid-session breakdown as momentum on the four hourly chart remains in the negative zone:
Australian stocks did really well starting the trading week in a boisterous mood, with the ASX200 lifting over 1.3% to surge well above the 7400 points level, almost closing at 7500 points. Meanwhile the Australian dollar is almost unchanged after the the weekend gap, still remaining depressed at the mid 73 handle after Friday’s smackdown:
Eurostoxx futures are up 0.5% alongside S&P futures with the four hourly chart of the S&P500 showing price ready to head back to the recent highs above the 4400 point level after last week’s sideways dance:
The economic calendar starts the week with a bang, namely the latest US manufacturing ISM print tonight.