A soft risk taking mood on Asian share markets today following yesterday’s quiet sessions as concerns continue over the inability of the Trump regime to get any trade “deals” cut before the August 1st deadline, with India and Japan effectively ruling out any such notion. Meanwhile the Europeans are pushing back on the new baseline 15% tariff rate which is pushing USD down against Euro although other pairs remain steady. The Australian dollar drifted a bit lower on the release of the RBA minutes with the boffins at Martine Place considering but not quite pulling the trigger on more rate cuts.
Oil markets are drifting slightly lower with Brent crude now below the $69USD per barrel level while gold is pushing higher again as it tries to make another comeback to get above the $3400USD per ounce level:
Mainland Chinese share markets are lifting again with the Shanghai Composite pushing well above the 3500 point level going into the afternoon session while the Hang Seng is extending its gains to now clear the 25000 point level. Japanese stock markets reopened from their holiday with the Nikkei 225 drifting 0.3% lower to 39706 points while the USDPY pair has fought back from its recent gap down to just below the 148 level:
Australian stocks are listless with the ASX200 basically unchanged 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 pulling back 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 but somewhat overbought:
The economic calendar is quiet again but look out for dual speeches from Fed and ECB chairs Powell and Lagarde respectively.