Asian stock markets are taking a pause after the mid week volatility from the US election as all eyes are on Chinese authorities as the National People’s Congress winds up. Australian stocks finally put on some solid gains while the Australian dollar is still in recovery mode at just below the 67 cent level post the FOMC interest rate cut last night.
Oil futures are holding steady despite the stronger USD with Brent crude hovering around the $75USD per barrel level while gold is still trying to recover from its recent steep falls to remain just below the $2700USD per ounce level:
Mainland Chinese share markets are barely moving going into the close with the Shanghai Composite holding well above the 3400 point level while the Hang Seng Index is down around 0.3% to the 20899 level. Japanese stock markets are also sanguine with the Nikkei 225 closing just 0.2% higher while trading in the USDPY pair has seen some further consolidation below the 153 level:
Australian stocks were the best performers in the region as the ASX200 closed more than 0.8% higher at 8295 points while the Australian dollar was unable to breakthrough the 67 cent handle as it pared its overnight gains but still well up on the week:
S&P and Eurostoxx futures are taking a pause as we head into the London session with the S&P500 four hourly chart showing momentum still in overbought mode as price looks to push through the 6000 point area and go to the moon:
