Asian share markets like other equities are doing the FOMO trade as it looks apparent that everyone is going to get a new baseline 10-15% tariff rate from the Trump regime with news that the EU is likely to be next, enshrining higher prices for US consumers for almost everything they buy. Wall Street doesn’t care as it continues to buy up anything with AI in front of the name and sell anything with Musk in its name. The USD is still under a lot of pressure with all the undollars save gold heading higher with the Australian dollar now pushing higher above the 66 cent level.
Oil markets are drifting slightly lower with Brent crude still below the $69USD per barrel level while gold is failing to get back on track after been pushed below the $3400USD per ounce level:
Mainland Chinese share markets started off well enough but the Shanghai Composite is falling going into the close while the Hang Seng is extending its gains above the 25000 point level. Japanese stock markets are still loving the deal with the Nikkei 225 pushing more than 1.4% higher to 41866 points while the USDPY pair is heading lower as it fights to stay just above the 146 level:
Australian stocks were the odd ones out with the ASX200 losing some 0.3% to 8710 points while the Australian dollar is looking better as it follows through on its recent rebound to sit just above the 66 cent level against USD:
S&P and Eurostoxx futures are holding on to their overnight gains 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 heats up tonight including the latest ECB interest rate meeting and US initial jobless claims.