Risk markets remain volatile as the Russian invasion of Ukraine continues with energy prices remaining high (European natural gas especially) while the run to safe havens has abated only slightly although Yen is getting bid higher in the afternoon session. Brent crude remains above $100USD per barrel while the Australian dollar is oscillating again, unable to punch back above the 72 cent level as a result. Bitcoin is bouncing back after its 10% plus fall, now at the $38K level while gold has solidifed a little after its epic ride overnight, settling just above the $1900USD per ounce level as momentum reverts from its very overbought position:
Mainland Chinese shares are in comeback mode with the Shanghai Composite up nearly 0.7% to 3452 points while the Hang Seng Index slipped a little, down 0.1% to 22870 points. Japanese stock markets had a great surge as well, with the Nikkei 225 lifting 1.8% to 26452 points as Yen safe haven buying abated although the USDJPY pair is looking a bit toppy after its own big surge overnight with the mid 115 level firming as short term resistance:
Australian stocks finished higher but only just with tech stocks leading the bounce but mining – particularly gold – pulling back with the ASX200 closing 0.1% higher at 6997 points while the Australian dollar has continued its bounceback towards the 72 handle, after finding somewhat of a bottom at the 71 level in the epic volatility overnight:
Eurostoxx and Wall Street futures are trying to rally with the former up nearly 2% while the latter is more hesitant with the S&P500 four hourly chart showing price sitting just below the trailing ATR resistance level and still a long way from the key psychological 4400 point level:
The economic calendar concludes the week with German GDP and US durable goods orders but again, all eyes on Ukraine.
If this audio capture is true, the remarkable courage and last stand of the Ukrainian soldiers on Snake Island will be one for the ages.