Asian stocks are having a very mixed session today partly due to economic data releases in China and its satellite proxy economy Australia, with the latest GDP print showing anemic growth. Local stocks didn’t care because house prices or something. However, Japanese stocks are down on the stronger Yen while the USD is trying to clawback recent losses although the Australian dollar weathered the GDP print with a very minor uptick above the mid 66 cent level.
Oil prices are going nowhere fast in the wake of the latest stock level rise as Brent crude tries to steady below the $78USD per barrel level while gold is also trying to get back on track as it sits well below the $2350USD per ounce level this afternoon:
Mainland Chinese share markets are down following the latest services PMI survey with the Shanghai Composite down more than 0.5% while the Hang Seng Index is doing slightly better, up 0.3% to 18493 points. Meanwhile Japanese stock markets are facing a headwind with the higher Yen with the Nikkei 225 down more than 1% to 38446 points as the USDJPY pair rebounds from its steep falls to get back above the 155 level:
Australian stocks were able to brush off the GDP print with the ASX200 moving 0.3% higher to 7759 points while the Australian dollar has held on to the mid 66 cent level despite the print as well, with some optimism creeping through:
S&P and Eurostoxx futures are both up marginally as we head into the London session with the S&P500 four hourly chart showing price action wanting to get back above the 5300 point level to get going after a near breakout on Friday night as short term momentum moves back to overbought mode:
The economic calendar tonight will include a slew of services PMI’s across Europe, followed by private jobs data in the US plus the US ISM survey.