Asian stock markets are quite mixed as tech stock concerns on Wall Street and property debt in China continue to weigh on risk sentiment, let alone all the gyrations around bond markets and growing stagflation realities. Gold has been pushed below the $1800USD per ounce level again, while Bitcoin is desperately trying to get some traction here after a very wild night of oscillation, currently hovering just above the $61K level as it proves completely unable to burst back above the previous and record high:
Chinese shares are quite mixed as news about another property developer debt problem weighs, with the Shanghai Composite barely up going into the afternoon session, currently at 3524 points while the Hang Seng Index is down nearly 0.5% as it rolls over from its recent rally, putting in a bad week. Japanese markets however are showing some signs of life as the Nikkei 225 lifts around 0.3% to 28909 points, helped by the USDJPY pair with is trying to clawback its losses from overnight, bouncing off the recent lows above the 113 handle and staving off a new weekly low:
Australian stocks were the odd ones out with the ASX200 falling more than 1% to cross well below the 7400 point level, capping off a volatile week while the Australian dollar continues to float a a little higher above the 75 handle, as it pushes past last week’s high that had been a natural resistance level:
Eurostoxx and S&P futures are down 0.3% or more with NASDAQ futures off by 0.6% as concerns over tech earnings and the end of month window dressing weigh on markets. The four hourly chart of the S&P500 shows price holding on to the early week gains but is only just hovering above short term ATR support at the 4530 point level as momentum wanes in the short term:
The economic calendar finishes the week with the European and German flash 3Q GDP prints, then the latest core inflation reading from the US.