Asian share markets are quite mixed in the first trading session of the week as concerns over the Trump regimes bullying of the EU in its “negotiations” over the looming August 1st trade deal are spilling over. The USD is losing ground against all the major currency pairs as a result with Yen also gapping lower although this is more about the weekend Japanese elections. The New Zealand CPI print came in only very slightly lower than expected puling the Kiwi down while the Australian dollar hovers just above the 65 cent level.
Oil markets are drifting slightly lower with Brent crude dicing with the $69USD per barrel level while gold is pushing higher again as it tries to make another comeback, now above the $3350USD per ounce level:
Mainland Chinese share markets are lifting strongly with the Shanghai Composite pushing well above the 3500 point level going into the afternoon session while the Hang Seng is extending its gains above the 24000 point level. Japanese stock markets were closed for a holiday while the USDPY pair gapped down to the 147 level before recovering to be slightly above the 148 level:
Australian stocks are pulling back sharply despite imminent interest rate relief with the ASX200 down more than 1% but still remains above the 8600 point level while the Australian dollar is looking weak again despite US trade dramas as it sits just above the 65 cent level against USD:
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 starts the trading week quietly with a couple of Treasury auctions.