Most Asian share markets are trading higher despite the lack of a solid lead from Wall Street overnight with the USD pushed back after lifting slightly higher over the long weekend break. More Makeup Mussolini tariff news barely moved risk markets while the RBNZ served up another interest rate cut that sent Kiwi slightly higher against USD after pricing the move in all month. The Australian dollar is also firming nicely above the 63 cent level.
Oil markets are doing better steadying after breaking down last week with Brent crude drifting back above the $76USD per barrel level while gold has pushed higher above the $2900USD per ounce level after a violent snapback on Friday night although momentum is waning:
Mainland Chinese share markets are slightly higher in afternoon trade with the Shanghai Composite up 0.3% to push above the 3300 point level while the Hang Seng Index has gone the other way to pull back more than 0.5% lower to 22858 points. Japanese stock markets are failing to bounce back on the slightly lower Yen with the Nikkei 225 closing 0.4% lower at 39138 points while trading in the USDPY pair has seen a slight pull back below the 152 handle following a deceleration phase:
Australian stocks are still upset about the hawkish interest rate cut from the RBA with the ASX200 closing 0.7% lower at 8419 points while the Australian dollar has steadied and then moved slightly higher after yesterdays cut by the RBA, pushing back above the mid 63 cent level:
S&P and Eurostoxx futures are heading higher as we head into the London session with the S&P500 four hourly chart showing a breakout above the 6100 point level still likely despite a pause in momentum:
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