A better mood on Asian share markets today bolstered by the new US-Japan “deal” which sent Japanese stocks more than 2% higher but has resulted in pushback from US car makers due to the details surrounding metal tariffs. Watch out for a possible reversal later tonight on Twitter! The BOJ will have its hands full as PM Ishiba also announced he’s stepping down after the election defeat while bond markets sold off as well. Meanwhile the Europeans are continuing to pushing back on their baseline 15% tariff rate with USD still under a lot of pressure despite some movement in Yen over the Japanese trade deal. The Australian dollar is pushing higher and is now above the mid 65 cent level.
Oil markets are drifting slightly lower with Brent crude still below the $69USD per barrel level while gold is pushing higher again as it tries to make another comeback, holding above the $3400USD per ounce level:
Mainland Chinese share markets are lifting again with the Shanghai Composite now above the 3600 point level going into the afternoon session while the Hang Seng is also extending its gains above the 25000 point level. Japanese stock markets are loving the deal-deal with the Nikkei 225 pushing more than 3% higher to 41216 points while the USDPY pair also fighting back from its recent gap lower to head just above the 147 level:
Australian stocks were able to join in with the ASX200 up 0.7% to 8745 points while the Australian dollar is looking weak better as it follows through on its recent rebound to sit just above the mid 65 cent level against USD:
S&P and Eurostoxx futures are surging alongside other equities 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 includes US existing home sales, then some private oil data.