Asian stock markets were somewhat mixed as the new trading week got underway as the PBOC joined the rate cut brigade with an expected cut to prime lending rates today while the RBA seemed to have reiterated its stubborn stance going into the end of the calendar year. Wall Street and European stocks are likely to be muted in tonight’s sessions without much on the calendar. The USD remains strong against all the undollars but gold as the Australian dollar fails to get back over the 67 cent level.
Oil futures are still pulling back as Brent crude falls to the $73USD per barrel level while gold is making another record high extending above the $2700USD per ounce level as the daily chart shows the current trajectory:
Mainland Chinese share markets are flat with the Shanghai Composite up initially on the rate cut before swinging to nothing while the Hang Seng Index went the other way to lose more than 1% to 20451 points. Meanwhile Japanese stock markets are dead flat with the Nikkei 225 unchanged at 38954 points while the USDPY pair is also somewhat muted as it stays just below the 150 handle:
Australian stocks were the best performers in the region as the ASX200 advanced nearly 0.8% to close at 8344 points while the Australian dollar has failed to lift back above the 67 cent level following the weekend gap and the PBOC rate cut:
S&P and Eurostoxx futures are flat going into the London session with the S&P500 four hourly chart showing momentum still in positive settings with price action not yet pushing above the 5900 point zone with authority:
