A modest bounceback on Asian share markets although other risk markets remain in a holding pattern as they await tonight’s all important US non-farm payroll AKA unemployment print that will set the tone for the rest of the trading month. The defensive USD is keeping Euro down while the Australian dollar has had a modest retracement as it remains quite depressed at the 68 cent level. Oil prices are steady after their recent big fall, with Brent crude hovering at the $105USD per barrel level, while gold is treading water just below the $1750USD per ounce level:
Mainland Chinese share markets surged at the open but have retraced going into the close with the Shanghai Composite basically unchanged at 3362 points while the Hang Seng Index is also treading water, up only 0.2% at 21684 points. Japanese stock markets are again the best in the region, with the Nikkei 225 index about to close 0.5% higher at 26638 points while the USDJPY pair has retraced back to the mid 135 handle but is still above the start and mid week lows in this sideways move:
Australian stocks have had another solid session to finish the week, with the ASX200 finishing 0.6% higher at 6676 points. The Australian dollar has retraced smartly this afternoon to return back to the 68 handle with the overall trend still down:
Eurostoxx and US futures are holding on to their overnight gains as we head into the European open, with the S&P500 four hourly futures chart showing price action poised at the 3900 point level with short term momentum considerably overbought as the previous weekly high is just out of reach:
The economic calendar will focus squarely on the latest US non-farm payroll print tonight.
A little Jonathon Pie about Boris Johnson might help the vibe…..