Asian stock markets are lifting higher as we start the new trading week despite the whipsaw on Wall Street from Friday night where the latest US jobs number, while strong, gave mixed signals to the risk complex. The USD remains under the pump with more signs its made a top as Euro keeps advancing while the Australian dollar want to push higher above the 68 cent level. Oil prices are still depressed and failing to beat overhead resistance with Brent crude hovering just below the $86USD per barrel level while gold has gapped higher from the weekend break to be well above the $1800USD per ounce level:
Mainland Chinese share markets gapped higher at the open and are building further into the close with the Shanghai Composite up more than 1.4% to the 3200 point level while the Hang Seng Index is going up much faster, currently up 3.4% to 19321 points. Japanese stock markets can’t find a bid however with the Nikkei 225 finishing dead flat at 27786 points while the USDJPY pair is still flat lining here after its post NFP reaction, currently at the mid 134 level and still deep into sell mode as USD falters:
Australian stocks were able to put on a solid start to the trading week, with the ASX200 finishing 0.3% higher at 7325 points. The Australian dollar is basically unchanged, advancing above the 68 handle with a small gap higher but not making a new weekly high as yet as short term momentum keeps it past the former weekly highs:
Eurostoxx and US futures are just holding on to their Friday night positions as hesitation builds going into the London open with the S&P500 four hourly chart showing price action still under retreat from the 4100 point level after taking out former resistance at 4000:
The economic calendar is always relatively quite following the NFP print with some final PMI numbers across Europe and the UK, but we also get the latest US Non-Manufacturing PMI for November.