Asian stock markets have finished the trading week in mixed fashion with only Japanese stocks moving forward as Chinese markets continue to slip. Currency markets are still being dominated by a run to safety to USD following the CPI and PPI prints with the Australian dollar pushed sharply down to the 67 cent level. Meanwhile oil prices are also losing ground from overnight with Brent crude pushing slightly below the $75USD per barrel level while gold is still retracing after last night’s run to USD, now down to the $2010USD per ounce level:
Mainland Chinese share markets are selling off going into the close with the Shanghai Composite down 1% at 3274 points while the Hang Seng has lost nearly 0.5% to continue pushing below the 20000 point level at 19654 points. Japanese stock markets were the odd ones out, with the Nikkei 225 lifting nearly 1% higher at 29388 points with the USDJPY pair again lifting slightly despite another setback overnight, just hovering below the 135 level:
Australian stocks were hesitant once again as local traders fail to find any direction but the ASX200 still managed to close a little higher at 7256 points. The Australian dollar is barely holding on after its post PPI sharp reversal, pushing below the 67 handle and looking weaker here:
Eurostoxx and S&P futures are moving slightly higher despite the mixed sessions overnight on both sides of the Atlantic with the fallout from the successive CPI and PPI print’s still being felt. The S&P500 four hourly chart shows price action trying to hold on around the 4100 point area but the psychological level at 4200 points is the area to beat soon or this may turn into a dead cat bounce:
The economic calendar finishes the week with the closely watched Michigan consumer sentiment index.