Share markets in Asia are again failing to follow the ebullient mood on Wall Street with the latest industrial production numbers in China disappointing while Japanese core inflation numbers are still relatively high, giving the Nikkei a boost above the 40000 point level. The USD is still falling across the board except against gold with the Australian dollar holding firm above the mid 65 handle.
Oil markets continue to steady after their recent correction with Brent crude starting to trade just above the $67USD per barrel level while gold is failing to rise alongside other undollars, cracking below the $3330USD per ounce level:
Mainland Chinese share markets are pulling back slightly on the bad industrial production data as the Shanghai Composite remains slightly above the 3400 point level while the Hang Seng Index is treading water, maintaining a strong position above the 24000 point level. Meanwhile Japanese stock markets are doing very well with the Nikkei 225 lifting more than 1.6% higher to finally cross the 40000 point barrier with the USDPY pair returning back to its recent lows just below the 145 level:
Australian stocks still can’t find much positivity with the ASX200 about to close flat again at 8554 points while the Australian dollar was able to slightly extend above the 65 handle this afternoon on the weaker USD:
S&P and Eurostoxx futures are up slightly going into the London session with the S&P500 daily chart showing the market clearly overextended but still turning bad news into outsized returns after breaking right through the 6100 point level:
The economic calendar finishes the trading week with some European inflation figures and then the latest US PCE spending data.
