Asian stock markets are doing somewhat better today although Chinese and Japanese shares remain in a holding pattern despite the bounce back on Wall Street overnight as risk sentiment weighs up the forthcoming FOMC meeting. Currency markets are somewhat mixed with Euro pushing up through the 1.09 handle while the Australian dollar is trying hard to get back to its start of week position as other majors lose ground against USD. Meanwhile oil prices are going nowhere as the OPEC+ meeting gets underway with Brent crude about to cross below the $86USD per barrel level as gold also mpves slightly lower currently just above the $1925USD per ounce level:
Mainland Chinese share markets are a bit over the place but are finally gaining momentum to the upside in afternoon trade with the Shanghai Composite up nearly 0.4% to 3267 points while the Hang Seng is trying to hold on despite negative sentiment, up just 0.2% but still shy of the 22000 point level. Japanese stock markets are also going nowhere again, with the Nikkei 225 closing nearly dead flat at 27352 points with the USDJPY pair also not moving much, just oscillating around the 130 level without any momentum:
Australian stocks have finally lifted a little higher, with the ASX200 closing 0.3% higher to just push through the 7500 point level. The Australian dollar is coming back after its falls from the start of the week to get back above the 70 handle, with short term momentum indicating just a swing play for now as resistance at the 71 cent level proves too tough:
Eurostoxx and US futures are drifting sideways with the S&P500 four hourly chart showing price action still holding above the psychologically important 4000 point zone, but not yet above the start of week high. Short term momentum has bounced back but it looks like a holding pattern for now:
The economic calendar tonight includes Euro core inflation for January and the US ISM manufacturing PMI survey. Oh, plus the latest FOMC meeting…