A better finish for Asian share markets in response to a bounce on Wall Street overnight as a softer than expected CPI print was balanced by more evidence of a softening labour market as the US economy slows down due to the Trump regime’s well – “point at everything”…. The BOJ meeting today resulted in an as expected rate rise with Japanese stocks loving the certainty while Yen was sold off slightly. The Australian dollar is declining on weaker commodity prices and is again currently dicing with the 66 cent level.
Oil markets remain unstable with Brent crude remaining below the $60USD per barrel level while gold is trying to firm above the $4300USD per ounce level but upside momentum is waning here:
Mainland Chinese share markets are seeing a solid bid in afternoon trade with the Shanghai Composite up 0.4% to 3893 points while the Hang Seng Index has lifted more than 0.6% to 25673 points. Japanese stock markets are the biggest winners on the BOJ rate hike with the Nikkei 225 up 1.1% to 49544 points with the USDPY pair almost getting through the 156 level:
Australian stocks are doing reasonably well in afternoon trade with the ASX200 closing 0.4% higher to 8628 points while the Australian dollar has again threatened to move below the 66 cent level against USD:
S&P and Eurostoxx futures are wanting to move higher after recent volatility with the S&P500 four hourly chart showing support at the 6800 key level the area to watch in coming sessions:
The economic calendar ends the week with German consumer confidence and US existing home sales data.