A cautious session from Asian stocks today despite a positive start to the new trading week for Wall Street overnight on the back of a week of negative results. Only Japanese bourses advanced, clawing back the 1990 highs. Meanwhile currency markets are still being dominated by a strength in USD with the Australian dollar sharply down in afternoon trade despite more calls that the RBA has far to go with its rate hikes.
Oil prices remain depressed after losing some ground on Friday night with Brent crude pushed back to the $75USD per barrel level while gold is holding on despite resistance from the USD, still floating along at the $2013USD per ounce level.
Mainland Chinese share markets are selling off slightly going into the close, with the Shanghai Composite down nearly 0.7% at 3288 points while the Hang Seng is floating along with a scratch session to still stay shy of the 20000 point level. Japanese stock markets are the best performers, finally closing in on the 1990 closing levels with the Nikkei 225 lifting nearly 1% higher at 29842 points with the USDJPY pair unchanged at the 136 handle.
Australian stocks were hesitant once again as local traders decided to start selling instead, with the ASX200 managing to closed nearly 0.5% lower at 7234 points. The Australian dollar has also rebuffed its recent rebound with a flip in afternoon trade after briefly touching the 67 handle:
Eurostoxx and S&P futures are down around 0.3% or so with debt concerns on both sides of the Atlantic still lingering. The S&P500 four hourly chart still shows a series of lower highs since mid last week as price action is trying to hold on around the 4100 point area.
The economic calendar is packed tonight with Euro wide GDP data, the closely watched German ZEW survey, then US retail sales and industrial production prints.