Another sea of green across Asian share markets as the trading week restarts following Friday nights soft US jobs report that saw a retraction in bond yields and the USD with risk sentiment very positive.
Oil prices are failing to stabilise, with Brent crude consolidating at the $85USD per barrel level while gold is also dropping back, currently just above the $1980USD per ounce level:
Mainland Chinese share markets are holding on to their initial gains with the Shanghai Composite up more than 0.7% at 3053 points while in Hong Kong the Hang Seng Index has surged more than 1.4% higher at 17920 points. Japanese stock markets reopened after another market holiday with the Nikkei 225 surging more than 2% while the USDJPY pair remains under the pump after the Friday night selloff at the 149 level:
Australian stocks were the worst performers with only minor gains on the ASX200, closing just 0.3% higher at 6997 points, just shy of former support at 7000 points while the Australian dollar has held on to its Friday night high, still a little above the 65 cent level going into tomorrow’s RBA meeting:
S&P and Eurostoxx futures are steady going into the London open as the S&P500 four hourly chart shows support getting upgraded from the 4200 to 4300 point level as short term momentum remains well overbought:
The economic calendar starts the trading week quietly after non-farm payrolls with no major releases.