The latest Japanese GDP figures were the biggest catalyst here in Asia while a boost in tech stocks is seeing Chinese shares lift higher in afternoon trade. The possibility of an BOJ rate hike maybe lessening on the faster than expected retraction in GDP growth as the Trump regime’s tariff hits exports. Yen strengthened somewhat while other currencies are also moving higher against USD with the Australian dollar still building above the 66 cent level.
Oil markets are steady but starting to build some more strength with Brent crude lifting above the $63USD per barrel level while gold is still hanging around the $4200USD per ounce level but has lost all its previous momentum:
Mainland Chinese share markets are breaking out in early trade with the Shanghai Composite up more than 0.6% to stay above the 3900 point level while the Hang Seng Index has reversed course and lost more than 0.7% to 25900 points. Japanese stock markets are somewhat steady after digesting the latest GDP print with the Nikkei 225 holding at 50473 points with the USDPY pair seeing some Yen strength return to retreat below the 155 level remaining under a lot of pressure:
Australian stocks are heading lower again with miners leading the selloff as the ASX200 fell nearly 0.4% to 8623 points while the Australian dollar has continued to lift above the 66 cent level against USD as resistance fades:
S&P and Eurostoxx futures are lifting again with the S&P500 four hourly chart showing a creeping trend that wants to get above the longer term downtrend line around the 6800 point level:
The economic calendar starts the week quietly with a few Treasury auctions and not much else tonight.