A generally positive session across Asian stock markets today after the big bounceback on Wall Street via the UK gilt catalyst as the Truss plan was backflipped. The USD remains slightly weak against the major currencies after the reversal overnight with Euro still lifting while the Australian dollar is stalled at the 63 cent level. Oil prices are flat again with Brent crude stable just above the $92USD per barrel level while gold is trying hard not to make yet another new daily low, still crushed below the $1700USD per ounce level, currently at $1654:
Mainland Chinese share markets are basically unchanged as the absorb the latest Communist Magic the Gathering event and the non-existent GDP prints, with the Shanghai Composite down slightly and just holding above the 3070 point level while the Hang Seng Index is doing much better, up 1% but still below the 17000 point level, currently at 16776 points. Japanese stock markets are also moving higher with the Nikkei 225 closing up 1.4% to 27156 points, while the USDJPY pair is stable just below the 149 level after the huge surge on Friday night:
Australian stocks were the best of the bunch, with the ASX200 taking back its previous losses to get back above the 6700 point level, up more than 1.7% at 6779 points. The Australian dollar is really trying hard to get off the floor here, currently hovering just above the 63 handle but unable to beat the recent highs where resistance lives:
Eurostoxx and US futures are drifting higher as we head into the London session, with the S&P500 four hourly futures chart showing price action wanting to get back to the 3800 point level. Medium term and possibly psychological long term resistance at the 4000 point level is a distant memory, but it seems the 3800 point level may be on the cards as short term momentum maintains an overbought level:
The economic calendar ramps up with the German ZEW survey and US industrial production prints.