Stocks rebounded somewhat throughout the region today despite the continued selloff on stocks overnight, with risk currencies coming back a little against the USD in the wake of more inflationary concerns. Bitcoin remains stuck at the $42K level while gold surged overnight to put in a new monthly high and is holding on to those gains, hovering just below the $1840USD per ounce level:
Mainland Chinese shares are largely unchanged with the Shanghai Composite barely up 1 point to 3558 while the Hang Seng Index put in a big surge, lifting more than 2.5% higher to close at 24734 points. Japanese markets also bounced back from the previous steep drops with the Nikkei 225 closing 1.1% higher at 27806 points but this barely puts a dint into the falls as the USDJPY pair edged only slightly higher to the mid 114 level but remains in a short term downtrend as the 114 handle firms as support:
Australian stocks put in a very minor uplift with the ASX200 closing 0.1% higher to 7342 points, as the Australian dollar regained some strength to climb back above the 72 handle on the stronger than expected numberwang unemployment print, staving off a new weekly low that had been building:
Eurostoxx and Wall Street futures are steady going into the London open, with the S&P500 four hourly chart showing price still hovering at or slightly below the December lows at the 4550 level (lower black horizontal line) as the potential builds to turn this dip into a proper correction:
The economic calendar continues with Euro wide core inflation results plus the latest ECB minutes, then US initial jobless claims plus existing home sales.