Another solid session for Asian share markets despite the mixed mood on Wall Street overnight in the wake of the latest US CPI print with today’s Japanese GDP print surprising to the upside slightly while the local unemployment numbers ticked slightly higher. Eurostoxx futures up more than 0.3% with currency markets still relatively unchanged with the USD on the backfoot while the Australian dollar managed to get back above the 66 cent level.
Oil prices are losing a little short term momentum but are still holding on to their breakout as Brent crude hovers around the $80USD per barrel level while gold lifted slightly after a swift retracement overnight as it can’t clear the weekly/monthly highs near the $2500USD per ounce level:
Mainland Chinese share markets are finally finding traction with the Shanghai Composite lifting more than 1% going into the close while the Hang Seng Index is down 0.3% at 17057 points. Meanwhile Japanese stock markets are still rising but at a more sustainable pace with the Nikkei 225 closing about 0.8% higher to 36726 points while trading in USDPY was still subdued as it stays just above the 147 handle:
Australian stocks eked out a small gain with the ASX200 lifting just 0.2% to close at 7865 points while the Australian dollar was able to recover from its overnight retracement on today’s unemployment print, lifting back above the 66 cent level:
S&P and Eurostoxx futures are up more than 0.3% going into the London session with the S&P500 four hourly chart showing continued stability returning to the major index following the recent breakout which still has nice momentum behind it:
The economic calendar gets busy again with UK GDP, US retail sales and July industrial production numbers.