Macro Afternoon

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Asian stock markets are having a mixed start to the trading week with continued pressure on Fed expectations of future rate hikes hovering over the risk complex. The USD remains strong against the major currency pairs with Euro on the decline while the Australian dollar heads down to the 69 cent level. Meanwhile oil prices are steady after the Russian production cuts Brent crude hovering above the $85USD per barrel level as gold continues to sell off from its previous crunch, now down below the $1860USD per ounce level:

Mainland Chinese share markets are lifting going into the close with the Shanghai Composite up 0.6% to 3280 points while the Hang Seng is continuing its recent falls, down another 0.5% to 21085 points. Japanese stock markets are slumping as well with the Nikkei 225 closing 1% lower at 27388 points with the USDJPY pair pushing much higher for a proper breakout to start the week, currently through the 132 level:

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Australian stocks are still falling with the ASX200 down some 0.2% to continue its falls well below the 7500 point level, closing at 7417 points. The Australian dollar failed to gain traction following the shallow falls on Friday night, stalling again down to the 69 level:

Eurostoxx and US futures have gapped lower over the weekend with the S&P500 four hourly chart showing price action still under the previously strongly supported 4100 point zone, with short term momentum still in oversold territory as the lack of new session high continues to weigh on the market:

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The economic calendar starts the week very quietly with just a few Treasury auctions on offer.