Asian share markets are doing well despite the lack of a lead from Wall Street as it has a long weekend and despite the big mixed messages from economic data on Friday night. The defensive USD is joining in with a stronger Yen to keep other undollars depressed as the Australian dollar remains poised here at the 68 cent level. Oil prices are trying to stabilise with Brent crude just above the $112USD per barrel level. Meanwhile gold is holding on to its very late Friday session bounce to be just above the $1800USD per ounce level:
Mainland Chinese share markets are lifting very slightly going into the close with the Shanghai Composite up nearly 0.3% to 3398 points while the Hang Seng Index is dead flat, currently at 21847points. Japanese stock markets however are not minding the stronger Yen, with the Nikkei 225 index up nearly 0.7% at 26140 points while the USDJPY pair has remained stready just above the 135 handle, bouncing off support just below from Friday night:
Australian stocks had a very solid start to the week with the ASX200 looking set to finish 1% higher, closing somewhere near 6616 points. The Australian dollar was able to gap slightly higher this morning after its Friday night smackdown below the 68 handle as traders weigh up their options for another big rate rise from the RBA tomorrow:
Eurostoxx and Wall Street futures are very flat as we head into the European open, mainly due to the lack of a lead from Wall Street, with the S&P500 four hourly futures chart showing price action steadying at the 3800 point level with momentum remaining negative at Friday’s closing point:
The economic calendar is very quiet tonight due to the long weekend on Wall Street.