Macro Afternoon

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Chinese stocks took a major tumble today in the wake of the Korean central bank raising rates which could the first step or misstep in battling the inflationary demon. The USD firmed against almost everything as a result with gold pushing further below the $1800USD per ounce level while Bitcoin has failed to maintain short term support after failing twice now to break through its own resistance at the $50K level:

The Shanghai Composite has fallen over 1%, closing just above the 3500 point level while the Hang Seng Index has over corrected by falling over 1.6% to finish at 25291 points. Japanese stocks are also in hesitation mode, with the Nikkei 225 unable to extend on its recent breakout, finishing dead flat at 27742 points:

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Australian stocks were unable to escape the selloff, not helped by the disastrous NSW COVID breakout with the ASX200 losing 0.5% to fall below the 7500 point level as the Australian dollar also had a minor setback after it was unable to continue to big bounceback rally, fading slightly to just above the mid 72 level:

Eurostoxx and S&P futures are again quite flat going into the London open, as the four hourly chart of the S&P500 shows price wanting to push through the 4500 point level as momentum retraces from its previous overbought status and resistance continues to build here:

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The economic calendar is pretty packed tonight, with German consumer confidence up first, then the latest ECB minutes followed by US GDP estimates for Q2 and weekly initial jobless claims.