Quite a mixed session for Asian stock markets following the epic inflation print overnight in the US that is sure to stir risk markets everywhere as appreciating domestic currencies put a dampener on stock markets. The USD remains under pressure against everything although Bitcoin is still stalled at just over the $43K level but gold has held on to its overnight breakout, currently at last week’s intrasession high just below the $1830USD per ounce level, as buying support builds:
Mainland Chinese shares are pulling back sharply going into the close with the Shanghai Composite down 0.6% to 3572 points while the Hang Seng Index is having a pause after its recent surge, currently treading water at 24421 points. Japanese markets however are selling off in response to Yen appreciation following the US inflation print with the Nikkei 225 closing 0.8% lower at 28521 points as the USDJPY pair struggles to find a bottom here at the mid 114 level:
Australian stocks were the relative best performers in the region with the ASX200 closing 0.4% higher at 7472 points while the Australian dollar advanced even further on its big overnight surge, threatening the 73 handle as it turns this breakout into a new monthly high:
Eurostoxx and Wall Street futures are tracking sideways going into the London open, with the S&P500 four hourly chart showing price needing to stay above the previous weekly intrasession highs at the 4700 point level or support will evaporate for another dip:
The economic calendar is US centric again with the latest weekly initial jobless claims print with a series of speeches by Federal Reserve members.