A solid session on Asian stock markets following the bounceback on Wall Street overnight as risk markets continue to second guess the Fed’s rate rise agenda in 2023 with the next US inflation dataset coming tomorrow night. The USD hasn’t moved strongly against any of the majors but the Australian dollar saw a blip higher as domestic inflation remains red hot. Meanwhile oil prices are going nowhere as they remain unable to recover from their recent falls with Brent crude just above the $79USD per barrel level while gold is holding strong here above the $1870USD per ounce level, poised here to breakout to a new high:
Mainland Chinese share markets are lifting slightly higher going into the close with the Shanghai Composite up nearly 0.3% to remain above the 3100 point level, currently at 3179 points while the Hang Seng Index is doing much better, up 1.3% to extend its gains above the 21000 point level. Japanese stock markets have followed suit with the Nikkei 225 lifting nearly 1% to close at 26423 points with the USDJPY pair remaining thinly traded but lifting slightly higher, trying to get above trailing ATR support on the four hourly chart:
Australian stocks have surged nicely, absorbing the CPI print with aplomb, with the ASX200 closing nearly 1% higher at 7195 points. The Australian dollar saw a boost on the inflation print as well, pushing higher above the 69 cent level to remain above the weekly trend channel but looking somewhat overextended:
Eurostoxx and US futures are slowly lifting higher with the S&P500 four hourly chart showing price action still holding above the 3900 points level after last night’s bounceback that hasn’t yet made a new daily high. The upper downtrend line has been broken here but the 4000 point level is the one to beat:
The economic calendar is mainly filled with bond auctions and some private oil data.