Asian share markets have rebounded into the final session of the trading week with mostly positive sessions across the region as traders seemingly giving up trying to decipher where the battle lines are being drawn in the ongoing trade wars started by Orangus Maximus in the Oval Office. The USD is trying to fight back but is seeing continued weakness against Euro and Pound Sterling with a mild retraction in Yen this afternoon, with the Australian dollar is trying hard to get back above the 63 cent level after recently making a new monthly low.
Oil markets are also trying to recover with Brent crude staying just above the $70USD per barrel level while gold has continued its big bounceback to almost cross the $3000USD per ounce level with momentum getting back to overbought settings in the short term:
Mainland Chinese share markets have moved sharply higher in afternoon trade with the Shanghai Composite up nearly 1.6% while the Hang Seng Index has pulled more than 2% higher on the supposed good news coming out of the National People’s Conference. Japanese stock markets are also on the rise again with the Nikkei 225 up nearly 0.9% to close at 37120 points while the USDPY pair has rebounded back to the 148 level:
Australian stocks finally stopped selling off with the ASX200 closing nearly 0.5% higher at 7789 points while the Australian dollar has held on but is finding too much resistance at the the 63 cent level while it barely respects support just below:
S&P and Eurostoxx futures are trying to stabilise but could be heading lower as we head into the London session with the S&P500 four hourly chart showing this breakdown ready to go below the 5500 point level as the Trump dump correction continues:
The economic calendar ends the trading week with UK GDP estimates than the latest US private oil rig surveys.
Please read this fascinating article from Fortune about the upcoming US Debt Crisis. Can’t wait for this!
https://fortune.com/2025/03/12/national-debt-burden-ray-dalio-foreign-government-pressure/