Asian share markets are generally positive, absorbing the macro events over the weekend with the USD remaining firm against the major currency pairs following last week’s very positive US domestic economic data. Wall Street will be looking for more positive momentum on the open while local stocks are still climbing as the Australian dollar remains unable to get back above the 66 cent level.
Oil prices have gapped slightly higher over the weekend as Middle East tensions build with Brent crude holding above the $83USD per barrel level while gold remains in a little funk but did manage its own small gap higher to the $2025USD per ounce level:
Mainland Chinese share markets are falling in afternoon trade as the Shanghai Composite falls some 0.6% to 2890 points while in Hong Kong the Hang Seng Index is trying to bounce back, currently up 0.6% to 16047 points. Japanese stock markets are also moving higher with the Nikkei 225 closing up nearly 0.8% to 36025 points while the USDJPY pair is still at its Friday night session close level, just abvoe the 148 level:
Australian stocks were able to advance slightly as the ASX200 closed 0.3% higher at 7578 points while the Australian dollar still can’t get back above the 66 cent level as it fails to break free of overhead resistance:
S&P and Eurostoxx futures are slightly higher going into the London session with the S&P500 four hourly chart showing a slight move higher with the 4900 point level slowly turning into support:
The economic calendar starts the week slowly with a few Treasury auctions and not much else.