Hopium continues to move Wall Street higher, as the US debt ceiling shenanigans in Congress seem nearly resolved with tech stocks leading the way. This should result in another strong session here in Asia to finish the trading week. The USD still remains the safe haven of choice with an acceleration away from the undollars as the Australian dollar grappled with the 66 cent level while Euro made a new week low.
Meanwhile 10 year US Treasury yields rose higher on comments from Fed officials that rate rises haven’t yet finished, pushing up through the 3.6% level while oil prices were unable to follow through on the rebound with Brent crude retreating back to the $76USD per barrel level. Gold’s depressed mood deepened as falls below the $2000USD per ounce level accelerated with no buying support evident in recent sessions, closing at $1954 this morning.
Looking at share markets in Asia from yesterday’s session where mainland Chinese share markets had unsteady sessions but eventually closed higher with the Shanghai Composite up 0.3% at 3297 points while the Hang Seng finished nearly 0.9% higher but still shy of the 20000 point level, currently at 19727 points.
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