A modest bounceback on Asian share markets today due to the upbeat overnight lead from Wall Street as the steep falls in commodity prices amid global recession fears can’t keep the equity traders away. The defensive USD is keeping Pound Sterling and Euro down, although both are lifting slightly before the European open, while the Australian dollar has had a very modest lift this morning, still remaining quite depressed at the 68 cent level. Oil prices are steady after their recent big fall, with Brent crude hovering at the $100USD per barrel level, while gold is treading water just below the $1750USD per ounce level:
Mainland Chinese share markets dropped at the open but have recovered going into the close with the Shanghai Composite up nearly 0.3% to 3365 points while the Hang Seng Index is down a similar amount, currently at 21543 points. Japanese stock markets are the best in the region, with the Nikkei 225 index about to close nearly 1.3% higher at 26440 points while the USDJPY pair has found a modicum of support at the 135 handle after bouncing over slightly overnight but remains stuck sideways:
Australian stocks have had a solid session as well, with the ASX200 finishing 0.7% higher at 6641 points. The Australian dollar remains on the ropes although its had another little surge this afternoon with the overall trend still down:
Eurostoxx and US futures are lifting slightly as we head into the European open, with the S&P500 four hourly futures chart showing price action wanting to continue its push above the 3800 point support level with short term momentum now actually get slightly overbought as price exceeds Friday’s closing point:
The economic calendar includes the latest ECB meeting minutes, then US balance of trade and initial jobless claims.