Risk markets here in Asia are pivoting more on BOJ rate hike speculation amid near certainty that the Fed’s upcoming December meeting next week will result in a cut, with tonight’s US initial jobless print in the balance given the very poor ADP private numbers recently. The Australian dollar is still building above the 66 cent level against USD alongside other undollars.
Oil markets are steady but very weak with Brent crude drifting just below the $63USD per barrel level on the Venezuelan imbroglio while gold is around the $4200USD per ounce level but has lost all its previous momentum:
Mainland Chinese share markets are somewhat steady in afternoon trade with the Shanghai Composite still sitting below the 3900 point level while the Hang Seng Index is up slightly but still unable to get back above the 26000 point level. Japanese stock markets are having a better time of it under BOJ likely pushing for rate hikes with the Nikkei 225 up more than 1.5% higher to 50683 points with the USDPY pair holding on just below the mid 155 level but still under a lot of pressure:
Australian stocks are going nowhere with the ASX200 steady at 8602points while the Australian dollar has continued to lift above the 66 cent level against USD as resistance fades:
S&P and Eurostoxx futures are treading water 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 will focus squarely on the latest US initial jobless claims print tonight.