Asian stock markets are starting the trading week generally upbeat despite a poor finish by stocks on Wall Street, with a cut in Chinese rate cuts helping buoy markets. Also, the stronger USD helped take the heat of some domestic currencies including the Australian dollar although gold is holding on to its poor Friday finish, lifting slightly to be at the $1820USD per ounce level, as buying support builds:
Mainland Chinese shares are surging on the PBOC rate cut with the Shanghai Composite up 0.6% to 3541 points while the Hang Seng Index had another volatile session, down 0.7% to 24222 points. Japanese markets bounced back on a weaker Yen with the Nikkei 225 closing 0.8% higher at 28333 points as the USDJPY pair pushed up through the 114 level to advance further on its Friday night bounceback off a new monthly low:
Australian stocks are the worst performers, relatively speaking, with the ASX200 up only 0.3% to close just above the 7400 point level while the Australian dollar is barely making headway above the 72 handle after its Friday night slump:
Eurostoxx and Wall Street futures are still quite mixed going into the London open, with the S&P500 four hourly chart showing price hovering at the Friday night mid level at the 4640 point area with the potential still building for another dip down to the 4600 point level:
The economic calendar starts the week quietly with a few German Bund auctions but not much else.