Asian stock markets remain in a funk as the trading week barrels on after last week US jobs print, with the USD clawing back some ground as the Aussie dollar remains depressed, while Yen safe haven buying is sending Japanese stocks sharply lower. Gold remains strong above the $1800USD per ounce level but the real action is in Bitcoin, which has zoomed past its former record high after clearing the $64K level overnight, now hitting the $68K level as the crypto crowd goes all in – $70K next or $100K?
Chinese shares are dead flat again with the Shanghai Composite up 0.1%, currently at 3503 points while the Hang Seng Index is failing to get back on track, down nearly 0.2% as it remains well below the 25000 point level at 24743 points. Japanese markets are the fastest movers however with the Nikkei 225 closing 0.6% lower at 29317 points as the USDJPY pair completely loses it on Yen buying, sending it right through the 113 level for a new weekly low:
Australian stocks remain shaky with no buying pressure evident as the ASX200 drops some 0.2% to close at 7434 points while the Australian dollar remains depressed here just above the 74 level against USD, skirting just above the new weekly low made last week:
Eurostoxx and S&P futures are also looking quite weak going into the London session with the four hourly chart of the S&P500 showing price retracing back towards the 4680 point level after last night’s relatively demure performance, even though new record highs are expected each and every session:
The economic calendar ramps up with the closely watched German ZEW Survey, followed by the latest US PPI monthly print.