Asian stock markets were quite unsettled in response to Friday night’s US unemployment print and subsequent fallout from the very high result. Chinese markets returned from the New Year holiday and were the only positive standouts in the region. Currency markets are mixed with some risk currencies like Kiwi and Aussie rising, alongside Pound Sterling, but Euro is looking a bit hesitant moving into a very quiet economic calendar for tonight’s session. Gold remains above the $1800USD per ounce level, but Bitcoin is ringing in the new week with a big leap forward, almost hitting the $43K level out the gate:
Mainland Chinese shares reopened following the Chinese New Year holiday with the Shanghai Compositie closing more than 2% higher at 3430 points while the Hang Seng Index fell back 0.3% to start the week at 24507 points. Japanese stock markets pulled back even further with the Nikkei 225 closing 0.7% lower at 272428 points as the USDJPY pair is trying to push back above the Friday night high at the mid 115 level:
Australian stocks had yet another meandering session with a poor start that was filled by the close with the ASX200 finishing some 0.2% lower at 7110 points while the Australian dollar continued to slide sideways after its sharp drop on Friday night, needing to clear medium term term resistance at the 71.50 level:
Eurostoxx and Wall Street futures are slipping slightly going into the London open, with the S&P500 four hourly chart showing price just below the 4500 point level as the market again re-evaluates the Fed’s position, waiting for tomorrow nights CPI print, with the series of lower lows here showing the lack of confidence:
The economic calendar is quiet as usual following the NFP print although there is a speech from ECB President Lagarde to keep an ear on.