Asian stock markets are holding on to minor gains following the news of a debt payment made by Evergrande crisis with risk currencies lifting after getting pummeled by USD overnight. Japanese shares are pushing the hardest on their latest inflation print, while gold is inching its wayback to the $1800USD per ounce level. Meanwhile Bitcoin is teetering just below the $63K level after a flash crash wiped a lot of sentiment away from its recent new record high:
The Shanghai Composite is trying to stabilise going into the close, currently flat after being down earlier in the session, while the Hang Seng Index is building on early gains to be up 0.4% at 26132 points. Japanese markets are also lifting slightly with the Nikkei 225 about to close nearly 0.4% higher at 28834 points as the USDJPY pair has a minor bounceback on the latest Japanese inflation print to just get back to the 114 level:
Australian stocks are largely unchanged with the ASX200 about to close above the 7400 point level again, struggling with a lot of internal resistance and lack of momentum as we end the trading week while the Australian dollar is also looking a little lacklustre, having had a tiny bounce to be at the 74.70 level following last night’s pullback below the 75 handle:
Eurostoxx and S&P futures are slowly lifting, as we head into the London session, with the four hourly chart of the S&P500 showing price breaking out above the nascent bearish rising wedge pattern and just keeping on keeping on until the Fed taper kicks in. Short and medium term support remains strong here for now:
The economic calendar packs a lot in to end the week, with a slew of manufacturing and services PMI surveys across Europe and the US.