Macro Afternoon

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Asian share markets are regaining confidence with Chinese tech stocks rebounding, despite the nearly 10% annualised inflation print overnight in the US. Today’s local unemployment dartboard has had no material impact on the Australian dollar, as the RBA remains well behind the curve as the Fed is ready to crack higher faster. The USD is just too strong against everything, with Euro ready to crack below. Oil prices are still under pressure with Brent crude still hovering below the $100USD per barrel level, while gold is slipping again after some intrasession volatility overnight during the inflation print, ready to make another new daily low at the $1725USD per ounce level:

Mainland Chinese share markets remain somewhat mixed in today’s session with the Shanghai Composite currently down 0.2% to 3276 points while the Hang Seng Index is down 1%, currently at 20590 points. Japanese stock markets were again the strongest in the region, with the Nikkei 225 index closing 0.6% higher at 26657 points while the USDJPY pair has surged after its overnight bounceback, now launching through the 138 handle in a blowoff move to new yearly highs:

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Australian stocks were able to put in solid returns with the ASX200 finishing nearly 0.4% higher and remain above the 6600 point level, closing at 6646 points. The Australian dollar has shrugged off the low unemployment print, remaining on its downtrend and at the mid 67 level with the start of week position seemingly out of reach:

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