Asian stock markets are having a slightly better session after absorbing weekend volatility and some potential upside on Wall Street although risk appetites remain tenuous.
The USD remains quite strong against most of the majors including Pound Sterling and Euro despite the Ruzzian ructions as the Australian dollar can’t get back above the 67 cent level.
Oil prices are holding on to their late Friday night snapback but looking tenuous here with Brent crude just holding at the $74USD per barrel level while gold is in a similar position, still struggling after a series of low sessions to remain just above the $1920USD per ounce level:
Mainland Chinese share markets are bouncing back after a shaky start to the trading week with the Shanghai Composite up more than 1.3% to 3192 points while the Hang Seng Index has had a bigger bounce, up over 2% to the 19180 point level as the selling reverses.
Japanese stock markets were unable to hold on with the Nikkei 225 falling back 0.4% to 32561 points with the USDJPY pair still holding well above the 143 level:
Australian stocks had a good but modest reversal with the ASX200 closing nearly 0.5% higher at 7118 points. The Australian dollar has lifted higher this afternoon to get just above the 67 handle as short term momentum gets out of the negative zone:
Eurostoxx and S&P futures are drifting sideways to slightly higher as we head into the London open with the S&P500 four hourly chart holding below previous ATR support at the 4400 point level where this is looking ominous as short term momentum remains oversold:
The economic calendar continues with Canadian inflation, US durable goods orders and consumer confidence.