Asian stock markets are having a big bounce across the region in response to a nearly equally strong bounce on both European markets and Wall Street overnight, possibly due to the PBOC stimulus measures as other catalysts are wanting. Gold remains in the doldrums, holding on to the $1780USD per ounce level, not making any new session highs while Bitcoin is rebounding from its previous slump, with a bounce that has now cleared the $51K level, but its a long way to go if you want a sausage roll:
Mainland Chinese shares were the odd market out with the Shanghai Composite basically unchanged going into the close, currently just below the 3600 point level while the Hang Seng Index has bounced up strongly, nearly by 2% to be at 23744 points. Japanese markets are doing even better with the Nikkei 225 closing more than 2% higher at 28506 points with the USDJPY pair continuing its move higher, extending well above the 113 level:
Australian stocks didn’t escape the party with the ASX200 lifting 1% to close at 7313 points as the Australian dollar continued its push above the 70 handle, negating the big selloff on Friday night but still under tremendous pressure post the RBA hold:
Eurostoxx futures and S&P futures are lifting again going into the London open, with the S&P500 four hourly chart showing prices wanting to continue its breakout above the week long downtrend line as buying support starts to build here above the key 4500 point level:
The economic calendar includes the closely watched German ZEW survey, then Canadian balance of trade figures.