A fairly solid start to the trading week for Asian stock markets although Chinese bourses are unsettled as risk markets continue to discard transitory inflation risks just like the Australian government discards its climate change policy the day after COP26. The USD is mixed against the majors although gold is looking a bit tenuous here after a too fast run last week with a bearish rising wedge pattern forming on the four hourly chart as momentum wanes:
Chinese shares are putting in scratch sessions with the Shanghai Composite down 0.1% going into close, currently at 3533 points while the Hang Seng Index is doing the same, currently at 25299 points. Japanese markets are surging despite a poor GDP print, with the Nikkei 225 closing some 0.5% higher at 29759 points as the USDJPY pair fails to arrest the decline from Friday nights last session where a failed breakout has brought it back below the 114 handle again:
Australian stocks are putting in a solid start to the trading week, despite a higher Australian dollar with the ASX200 closing 0.4% higher at 7470 points while the Australian dollar is continuing its mild bounce from Friday night, following through above the 73 handle but not yet on a positive momentum setting or having cleared short term resistance overhead:
