Asian stock markets are not doing well heading into the final session of the trading week as continued concerns over the Chinese property market spillover, with only local stocks putting on gains. The USD remains relatively strong against the other majors, with Pound Sterling still in trouble after last night’s BOE meeting while gold is trying once more to get back above the $1800USD per ounce level but is facing tough resistance. Meanwhile Bitcoin is making a go off its former record high after deflating all week, currently pipping above the $62K level but is likely to hit resistance soon:
Chinese shares are retracing going into the afternoon session with the Shanghai Composite down 0.2%, currently at 3518 points while the Hang Seng Index is selling off quickly, down nearly 1% as it gets back below the 25000 point level. Japanese markets are also failing to get back on track with the Nikkei 225 currently down 0.7% to clawback most of the previous session gains, currently at 29565 points as the USDJPY pair pulls back to the mid week lows at the mid 113 level:
Australian stocks are having another nice solid session to keep the ASX200 back above the 7400 point level, lifting nearly 0.4% to 7452 points, helped along by a lower Australian dollar that continues to slip below the 74 level against USD:
Eurostoxx and S&P futures are building solidly here going into the final session for the week with the four hourly chart of the S&P500 showing price ready to advance ever further after pushing aside the 4600 point psychological level and fears over the Fed taper:
The economic calendar will end the trading week with a big one – US non farm payrolls aka NFP aka unemployment print for October.