A much better finish to the trading week here in Asia with stock markets rebounding following yesterday’s selloff. Risk currencies were basically unchanged, although Yen sold off against USD as risk appetites broadened throughout the session. Gold is back up above the $1800USD level but only just, while Bitcoin is again largely unchanged by hovering just above the $46K level, finding only a modicum of support:
The Shanghai Composite is putting in a fine finish, cracking through the 3700 point level while the Hang Seng Index has reversed all its losses from the previous session, up over 1.6% to 26131 points. Japanese stocks paused only briefly yesterday and have re-engaged, with the Nikkei 225 finishing 0.6% higher to 30327 points, continuing its epic run:
Australian stocks had the most modest of sessions with the ASX200 eventually finishing only 0.5% higher at 7406 points while the Australian dollar continued to pause its deflationary run from the pfrevious its Friday night over-reach, finding more support at the 73.80 level as short term support builds:
Eurostoxx and S&P futures are coming back sharply as we head into the London open, with the four hourly chart of the S&P500 showing price wanting to break back above the 4500 point level, as momentum reverts from its previous oversold condition. Watch for European stocks to be the fly in the ointmentn however:
The economic calendar finishes the week with a few bangers, namely German (and here ECB) inflation, then UK GDP and the US wholesale inventories report.