Asian stock markets are all retracing in unison in the last session for the trading week due to the very mixed results on Wall Street and European shares overnight. The USD is regaining strenght against risk currencies although Euro is still under pressure coming into the London session, while the Australian dollar remains well above the 71 cent level. Meanwhile gold remains unchanged, still flat for the week as it unable to push through the $1790USD per ounce level as Bitcoin continues to deflate, now retracing below the $49K level as price heads back to the start of week gap down level:
Mainland Chinese shares are putting in a soft session with the Shanghai Composite down more than 0.3% to 3663 points while the Hang Seng Index is taking back its previous gains to fall 0.7% to be just above the 24000 point level. Japanese markets continue their pullback with the Nikkei 225 closing 0.6% lower at 28540 points with the USDJPY pair still flatlining at the mid 113 level with no new session lows, but also remaining below trailing short term resistance:
Australian stocks followed the Japanese lead, with the ASX200 retracing just under 0.3% to be back below the 7400 point level as the Australian dollar continues its overnight pause at just below the mid 71 level, which puts it right back on last week’s intrasession high overnight, thus not putting a new weekly high as expected:
Eurostoxx futures and S&P futures continue to stall out here going into the London open, with the S&P500 four hourly chart showing price rejecting key 4700 point resistance overhead that still needs to be cleared to call this Omicron led dip over:
The economic calendar finishes the week with German and US inflation reports.