Asian share markets are booming in today’s session led by Japanese shares as BOJ and government officials try to talk down the volatility around Yen as it weakens steeply against USD. However looming risk from the Trump regime’s attacks on Federal Reserve’s independence threatening ratings while the possibly of the Supreme Court reversing the tariffs is rising as the Orange Mussolini starts fretting about losing “trillions of dollars.” Add the Iranian situation into the mix having now forgotten about the intervention in Venezuela, 2026 is getting interesting. The Australian dollar is now back above the 67 cent level but for how long.
Oil markets are seeing another lift again with Brent crude pushing above the $64USD per barrel level while gold continues to spike on the Powell news with a surge towards the $4600USD per ounce level:
Mainland Chinese share markets are stalling out in the afternoon session with the Shanghai Composite down a handful of points while the Hang Seng Index is currently up more than 1% to 26877. Japanese stock markets reopened after the long weekend with a big leap higher, as the Nikkei 225 lifts more than 3% to above the 53000 point level while the weakening Yen is taking the USDPY pair almost through the 159 stalled at the 158 level:
Australian stocks are also in the green as the ASX200 closes nearly 0.8% higher at 8826 points while the Australian dollar is trying to bounceback on the USD weakness, lifting through the 67 cent level but not really moving much higher:
S&P futures are failing to make headway given the unsteady finish overnight on the Powell news with the S&P500 four hourly chart wanting to make up towards the 7000 point level which is still a bridge too far:
The economic calendar will focus on the latest massaged US inflation print tonight plus new home sales data.