Asian stock markets are starting the week in mixed fashion as the latest Chinese GDP print undershoots expectations. Currency markets are holding on to their Friday night wobbles as inflation expectations are still reverberating around risk markets as the November Fed taper starts to weigh on trader’s minds. Meanwhile Bitcoin has almost matched its previous record high from April this year to make a 100% plus recovery, currently just above the $62K level:
The Shanghai Composite is down 0.5% to 3554 points while the Hang Seng Index is down about the same, or just under 0.6%, to be at 25187 points. Japanese markets are floating along with mild losses, with the Nikkei 225 about to close 0.3% lower to 28993 points while the USDJPY pair is still holding on to its Friday night gains just below the mid 114 level:
Australian stocks are the odd ones out, with the ASX200 closing 0.3% higher, but still shy of the 7400 point level, to finish at 7381 points while the Australian dollar is hovering just above the 74 handle with overhead selling quite evident, as resistance slowly builds here:
Eurostoxx and S&P futures are pulling back but not as strongly as Asian bourses as we head into the London session, with the four hourly chart of the S&P500 showing price hovering on the Fridaynight close at the 4450 point level, still well above the previous weekly close at 4400 points:
The economic calendar starts the week with the September US industrial production print.