A little bit of volatility across some risk markets here in Asia but generally equities finished where they started with the weak overnight lead from Wall Street as traders anticipate the upcoming rate cut at the Fed’s December meeting. The Australian dollar is still holding above the 65 cent level against USD as we get ready for tomorrow’s Q3 GDP print.
Oil markets are steady but very weak with Brent crude drifting just above the $63USD per barrel level on the Venezuelan imbroglio while gold is holding above the $4200USD per ounce level:
Mainland Chinese share markets are falling back in afternoon trade with the Shanghai Composite down 0.5% to retreat below the 3900 point level while the Hang Seng Index is steady just above the 26000 point level. Japanese stock markets are equally going nowhere with the Nikkei 225 steady at 49327 points with the USDPY pair bouncing back above the mid 155 level but still under a lot of pressure:
Australian stocks are up slightly with the ASX200 closing at 8579 points while the Australian dollar has continued to hold above the 65 cent level against USD but may face resistance later:
S&P and Eurostoxx futures are treading water given the overnight stall on Wall Street with the S&P500 four hourly chart showing an inability to break back above the longer term downtrend line around the 6800 point level:
The economic calendar includes European unemployment stats and the US Redbook.