Risk markets in Asia were mixed to start with on the Trump regime EU tariff bomb from the weekend gap but then the inevitable 180 spin got stocks at least somewhat back on track while currency markets continue to selloff the USD, believing the facts behind the demented spin. The Australian dollar is now at a five month high above the 65 cent level as other currency pairs also climb higher against King Dollar.
Oil markets are trying to stabilise with Brent crude still oscillating around the $64USD per barrel level again while gold is consolidating after its Friday night surge above the $3350USD per ounce level this afternoon:
Mainland Chinese share markets fell slightly in the afternoon session with the Shanghai Composite still down 0.2% while the Hang Seng Index is down more than 1.2% to above the 23300 point level. Japanese stock markets are doing a lot better with the Nikkei 225 up more than 0.8% to 37507 points while trading in the USDPY pair has seen a return back below the 143 level:
Australian stocks were able to not lose its recent upward momentum with the ASX200 unchanged at 8360 points while the Australian dollar has surged above the 65 level to well and truly exceed its post RBA meeting move:
S&P and Eurostoxx futures are taking back the Friday night losses going into the London session with the S&P500 four hourly chart still showing a slowdown here in short term momentum as price well meet resistance at the 5900 point level:
The economic calendar starts the trading week quietly due to the long weekend in the US without any major releases.