Macro Afternoon
by Chris BeckerSee the latest Australian dollar analysis here:
Australian dollar flies as stocks price to infinity
Despite the rising tensions with China and the West over Hong Kong and the and a long weekend for US markets, risk is going all in again in Asia, starting the week with a flourish outside of the Middle Kingdom.
In mainland China, the Shanghai Composite is off a handful of points, still hovering above the 2800 level, with the Hang Seng Index falling 0.4% in a relatively smooth follow through from its rout on Friday, currently at 22835 points. A clear breakdown of what was firm support at the 23300 point level, turning this sideways move into something more interesting but not yet over:
Japanese share markets shot out the gate, with the Nikkei 225 closing 1.8% higher to 20741 points, while the USDJPY pair was able to properly open without a big gap this morning, lifting slightly going into the London open, as it tries to get back to its previous mid week high nearer the 107.80 level:
The ASX200 was the big performer as traders return to their desks in full alongside the economy, pushing the market up 2% to close over the 5600 point level, breaking out with gusto! Meanwhile the Aussie dollar has remained slightly depressed on the weekend gap open, bouncing a little here off the 65 handle from its rollover on Friday:
Eurostoxx futures are up nearly 1% but it could be a mixed mood tonight with US and UK markets closed for a holiday. The S&P500 four hourly chart shows the broader stock market wanting to push back above the previous highs and make a run for 3000 as Wall Street goes ga-ga:
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