Most share markets in Asia are lifting going into the final trading session of the week although Japanese bourses are cautious given the domestic election this weekend and the concern over inflation after today’s June print. Meanwhile speculation is rising that the Fed will cut rates at the next FOMC meeting with currency markets selling off USD this afternoon with the Australian dollar sitting just below the 65 cent level.
Oil markets are drifting slightly higher with Brent crude now trading above the $69USD per barrel level while gold is pulling back again after failing to make a comeback as it sits just above the $3300USD per ounce level:
Mainland Chinese share markets are lifting slightly with the Shanghai Composite above the 3500 point level going into the afternoon session while the Hang Seng is extending its gains above the 24000 point level. Meanwhile Japanese stock markets are the odd ones out on inflation and election concerns, with the Nikkei 225 down 0.3% to just below the 40000 point barrier as the USDPY pair holds slightly above the mid 148 level:
Australian stocks continue to be really happy about rising unemployment because it means more interest rate relief is coming (the spending maybe not) with the ASX200 up more than 1% to extend its gains above the 8600 point level while the Australian dollar is still below the 65 cent level against USD despite the small bounce overnight:
S&P and Eurostoxx futures are up going into the London session with the S&P500 four hourly chart showing the market now climbing to new record highs after breaking through the 6300 point level:
The economic calendar finishes the trading week with US housing starts and the Japanese election.