Asian share markets are trying hard to translate the Friday night gains on Wall Street due to the seemingly dovish pivot by the US Federal Reserve but not all risk markets are buying it with the USD clawing back some of its losses, particularly against Yen although the Australian dollar remains robust just under the 65 cent level.
Oil markets are still depressed although Brent crude was able to stay above the $67USD per barrel level while gold is trying to hold on to its Friday night breakout as it steadies over the weekend at the $3365USD per ounce level:
Mainland Chinese share markets are lifting going into the close with the Shanghai Composite advancing more than 0.5% to extend its gains above the 3800 point level while the Hang Seng Index is pushing nearly 2% higher as it bounces off the 25000 point level. Japanese stock markets are performing well with the Nikkei 225 about to close 0.3% higher at 42761 points with the USDPY pair has been able to take back some of the big losses from Friday night, heading back above the 147 level this afternoon but still well off last weeks highs:
Australian stocks were unable to make good on the promises of Friday night with a scratch session on the ASX200 which looks set to close unchanged at just below the 9000 point level while the Australian dollar has held on to its gains and is sitting right below the 65 handle after its big jump above the July lows:
S&P futures and Eurostoxx futures are down ever so slightly going into the London session with the S&P500 four hourly chart showing the market likely to pullback somewhat on the open tonight after the big returns on Friday that fell just short of the early August highs:
The economic calendar starts the week with the closely watched German IFO survey and then US home sales data for July.