Stocks continue to surge across Asia – except locally – with the lower USD and flat US stock futures still not hindering safe haven buying either. Risk currencies continue to pull back slightly with today’s RBA meeting and non-decisions keeping the Aussie dollar under control, while gold has slipped back to the $1817USD per ounce level. All the volatility remains in Bitcoin, where following its weekend gap has now broken through the $52K level and ready to surge every onwards back to its previous historic high above $60K:
The Shanghai Composite continues its great start to the week, up over 1.5% to climb well above the 3600 point level to be at 3678 points while the Hang Seng Index is up more than 1% to extend its own gains above the 26000 point level. All the positivity remains in Japanese stocks however with the TOPIX putting in multi decade highs while the Nikkei 225 finished 0.9% higher to almost break above 30000 points:
Australian stocks remain the odd ones out with the ASX200 again closing dead flat at 7530 points while the Australian dollar at first reacted positively to the RBA meeting but then pulled back slightly to almost break the 74 handle, now setting up a double top bearish pattern on the four hourly chart, having been extremely overextended:
Eurostoxx and S&P futures are down between 0.1 and 0.2% going into the London open, with the four hourly chart of the S&P500 showing price wanting to re-engage back above the 4540 point level after a scratch session on Friday night, but momentum is just not there yet:
The economic calendar includes Euro-wide 3rd quarter GDP estimate and the very closely watched German ZEW sentiment survey, followed by a slew of Treasury auctions.