Asian stock markets are quickly slowing down in terms of risk taking after the previous bounce back as liquidity and trading volume continue to dry up faster than a Coalition promise. The Australia dollar and other risk currencies are dropping back even further, while Wall Street futures are steady and oil prices retracing slightly after a very solid session overnight. Meanwhile Bitcoin remains ready to punch higher, hovering just above the $49K level as price bunches up but gold is going down again, slowly deflating to short term support at the $1780USD per ounce level:
Mainland Chinese shares are flat going into the end of the session, with the Shanghai Composite losing a handful of points to be at 3621 points while the Hang Seng Index is up slightly, lifting 0.2% to 23019 points as Japanese markets also dance with a scratch session, the Nikkei 225 closing where it started at the 28490 point level. Meanwhile the USDJPY pair is staying highly elevated but not yet punching through the overnight high above the 114 handle, still unable to match last weeks high:
Australian stocks remain steady, with the ASX200 closing 0.2% higher at 7364 points while the Australian dollar has reversed this afternoon after slowly lifting up towards the mid 71 level, now down to 71.20 as it heads into the London open, looking to retrace once again to weekly support just below:
Eurostoxx futures and S&P futures are moderating their bounceback with the S&P500 four hourly chart showing price still below short term ATR resistance at the 4650 point level with momentum also still only at a neutral setting – dead cat bounce again?
The economic calendar includes two big releases this evening – UK and US 3Q GDP prints – plus some secondary inflation data that also could be sensitive to bond and currency markets.