A poor Chinese manufacturing PMI print is keeping Asian stock markets in mixed fashion with mainland Chinese shares unchanged while local markets continue to lift higher despite an equally mixed lead from Wall Street overnight. While the USD is set to put in a bad month, its still holding sway against the currency majors with Euro remaining at the 1.04 level from overnight with the Australian dollar unable to get back above the 67 cent level. Oil prices are trying to get out of their own slump with Brent crude staying put at the $85USD per barrel level while gold is trying to bounce back, currently at the $1753USD per ounce level:
Mainland Chinese share markets are looking to put in a scratch session with the Shanghai Composite hovers at the 3144 point level while the Hang Seng Index is still moving higher, but its only 0.9% to the 18359 point level. Japanese stock markets remain the laggards with the Nikkei 225 closing 0.4% lower at 27924 points while the USDJPY pair has stayed depressed below the 139 handle, still in sell mode after last weeks turnaround in USD:
Australian stocks were able to finish slightly higher, despite the falls on Wall Street overnight with the ASX200 finishing up 0.4% to 7284 points. The Australian dollar lifted slightly on the Sydney open but has failed to breakthrough into the 67 handle, as short term momentum remains negative here:
Eurostoxx and US futures are trying to get off the floor following last night’s disappointing session with the S&P500 four hourly chart showing price action still well below the 4000 point level as support seems firm at the 3950 point level. Short term momentum looks anemic at best however:
The economic calendar includes German unemployment, Euro core inflation and US GDP prints in a very busy night.