Asian stock markets are still having a mixed start to the trading week with local economic prints dominating before all eyes turn to tonights US inflation print. Japanese GDP underdelivered while Australian consumer confidence fell to recessionary levels, taking some steam out of the Australian dollar. Meanwhile oil prices are steady after the Russian production cuts Brent crude hovering above the $86USD per barrel level as gold continues to remain depressed at below the $1860USD per ounce level:
Mainland Chinese share markets were initially up on the open but are fading going into the close with the Shanghai Composite dead flat at 3284 points while the Hang Seng is continuing its recent falls, down another 0.2% to 21116 points. Japanese stock markets are recovering despite the poor economic prints today with the Nikkei 225 closing 0.6% higher at 27592 points with the USDJPY pair pulling back from the overnight surge to be back below the 132 level:
Australian stocks only managed a small lift as the poor consumer confidence figures weighed, with the ASX200 finishing just 0.2% higher to remain short of the 7500 point level, closing at 7430 points. The Australian dollar has stalled from its overnight lift and is still well below last week’s highs, currently hovering at the mid 69 level:
Eurostoxx and US futures have held on to their overnight gains with the S&P500 four hourly chart showing price action now testing the previous intraweek high but still falling short, with short term momentum still not quite overbought despite the swing play at hand. Traders await tonight’s inflation print for sure:
The economic calendar ramps up with UK unemployment, Euro wide GDP estimates and then the big one – US inflation for January.