Asian stock markets have started the trading week in a bullish fashion although Japanese bourses are playing catchup after having most of last week of on holiday. After absorbing a busy economic calendar that terminated in the April US jobs figures on Friday night, stock markets are pushing higher on the back of a probable pause in rate hikes by the Fed, which is keeping USD lower. The Australian dollar is being helped by the uber hawks at Martin Place, pushing well above the 67 cent level vs USD. Meanwhile oil prices are trying to bounceback from their recent depressed mood with Brent crude lifting above the $73USD per barrel level while gold is fighting back from its small Friday night correction that almost saw it break below the $2000USD per ounce level:
Mainland Chinese share markets are holding on to big initial gains as they launch into the first trading session of the week with the Shanghai Composite up more than 1.5% to 3390 points while the Hang Seng has gained exactly where it will again close above 20000 points. Japanese stock markets have reopened and settled back, with the Nikkei 225 closing some 0.7% lower at 28949 points with the USDJPY pair still on the floor after its sharp reversal from last week, currently holding just below the 135 level and looking weak here:
Australian stocks finally saw a solid bid today after being under a lot of pressure from the RBA with the ASX200 able to start the week up 0.7% to 7276 points. The Australian dollar has put in another surge following the NFP print and weekend news, barreling up towards the 68 handle and last month’s high, with the Pacific Peso also outperforming Euro:
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