Asian stock markets are quite mixed going into the second session of the trading week, with Chinese markets pulling back suddenly while local stocks moderate on the latest disappointing retail sales numbers. After absorbing a busy economic calendar that terminated in the April US jobs figures on Friday night, currency markets are slowly moving to safety again with Yen bid alongside USD with the Australian dollar slipping slightly as trader’s await tonight’s Federal Budget. Meanwhile oil prices are unchanged from overnight in their attempt to bounceback from a depressed mood with Brent crude staying above the $76USD per barrel level while gold is trying to take back its small Friday night correction as it sits just above the $2020USD per ounce level:
Mainland Chinese share markets were swimming along fine until after the lunch break with the Shanghai Composite about to close 1% lower at 3361 points while the Hang Seng has lost nearly 2% to fall back below the 20000 point level at 19941 points. Japanese stock markets however went the other way, with the Nikkei 225 closing some 1.1% higher at 29242 points with the USDJPY pair pulling back in late afternoon trade to the start of week position just above the mid 134 level as momentum flatlines:
Australian stocks were hesitant once again as local traders get ready to absorb tonight’s Federal Budget with the ASX200 closing nearly 0.2% lower at 7264 points. The Australian dollar has moderated ever so slightly after its post NFP surge, retracing a little more below the 68 handle but still looking strong here:
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