Asian stocks are having a fairly solid session, although Aussie stocks are missing out on the action despite the record trade surplus. The USD is holding on to its overnight reversal gains with the Australian dollar trying to clawback its post RBA rate rise downtrend while Yen continues to weaken. Meanwhile oil prices are continuing their slip below key support levels, with Brent crude now pushed down to the $96USD per barrel level, while gold is relatively stable and holding above short term support at the $1750USD per ounce level:
Mainland Chinese share markets had a good start to the session before giving up gains midway through with the Shanghai Composite now only up 0.5% to 3179 points while the Hang Seng Index is surging through the 20000 point barrier, up more than 1.6% to 20090 points. Japanese stock markets are coming back in similar fashion with a weaker Yen helping, with the Nikkei 225 up 0.6% to 27915 points as the USDJPY pair builds on its overnight stability to get back above the 134 level:
Australian stocks basically went nowhere with the ASX200 closing 0.1% higher as it continues to reject the 7000 point level, closing at 6978 points. The Australian dollar was able to clawback some more of its post RBA rate rise walloping but is still well below the 70 level against USD:
Eurostoxx and US futures are holding on to their overnight surge positions with the S&P500 four hourly futures chart showing price action pausing here at the 4150 point level as the relief rally takes another breather before the next legup:
The economic calendar ramps up again with the latest BOE meeting, followed by US balance of trade figures.