Asian share markets have continued their strong rebound on the Trump TACO trade helped along by calm returning to Japanese politics with a new PM while local markets saw a lift in rare earth miners on the back of the Albo “deal”. Currency markets are treading water without much change as the USD tries to take back its recent lost ground against the majors with some moves higher against Yen and the Australian dollar which can’t seem to get back above the 65 cent level.
Oil markets are still depressed with Brent crude barely holding around the $60-61USD per barrel level while gold has pulled back slightly as it holds just below its recent historic high at the $4340USD per ounce level:
Mainland Chinese share markets are bouncing back from their Friday falls with the Shanghai Composite up more than 1% at 3965 points while the Hang Seng Index is up more than 1.6% at 26286 points, extending their recent gains. Japanese stock markets are still in rebound mode with the Nikkei 225 looking to close above the 50000 point level with the USDPY pair now above the 151 level:
Australian stocks did well mainly due to rare earth miners on the Trump regime deal, with the ASX200 nearly 1% higher at 9096 points while the Australian dollar has come back slightly after finding resistance above the 65 cent level against USD as it fails to make new highs:
S&P and Eurostoxx futures are heading higher as we head into the London session with the S&P500 four hourly chart showing the market wanting to get back on track after the slump from the previous Friday session, as the TACO trade rebounds:
The economic calendar is relatively quiet tonight with the latest Canadian inflation figures and US Redbook release.