A better session across Asian stock markets today, with almost green across the board in response to Wall Street finally putting some runs on the board overnight. The USD pulled back some of its losses overnight although the Australian dollar remains well above the 68 handle. However, oil prices are still depressed stable after falling 4% overnight with Brent crude just above the $78USD per barrel level while gold is holding on to its great start to the year, remaining above the $1850USD per ounce level for a new monthly high:
Mainland Chinese share markets are lifting higher going into the close with the Shanghai Composite up more than 0.8% to remain above the 3100 point level, currently at 3153 points while the Hang Seng Index has continued its strong bounce, up 1.2% to be just above the 21000 point level. Japanese stock markets are trying to regain lost confidence with the Nikkei 225 eventually finishing just 0.3% higher at 25806 points while the USDJPY pair has consolidated just above the 132 handle after its overnight breakout:
Australian stocks started out well on the open but the ASX200 eventually lost it mojo to finish with a scratch session, still above the 7000 point level to finish at 7063 points. The Australian dollar took back its overnights on the Chinese coal ban reversal, unable to clear the 69 handle as it heads back to the 68 level while remaining on its uptrend from Christmas:
Eurostoxx and US futures are slowly drifting higher, the latter still wanting to get off the floor as we head into the London session with the S&P500 four hourly chart showing price action still depressed below the 3900 points level. The upper downtrend line is the one to watch tonight:
The economic calendar is all about trade numbers tonight, with German, Canadian and US balance of trade results and initial jobless claims as a preview for tomorrow night’s NFP print.