04.01.24 Macro Afternoon
Chris Becker | Jan 04, 2024 18:38
Asian share markets are still behaving in mixed fashion after a poor lead from Wall Street overnight as the new trading year continues to bring some dread most markets, with Japanese bourses finally opening. The Australian dollar is trying to hold back a resurgent USD to get above the 67 cent level.
Oil prices are inching higher on Red Sea tensions as Brent crude lifts above the $76USD per barrel level while gold is trying to bounceback from its overnight plunge, lifting just above the $2040USD per ounce level:
Mainland Chinese share markets are failing to bounceback as the Shanghai Composite remains well below the 3000 point barrier, closing 0.4% lower at 2955 points while in Hong Kong the Hang Seng Index is down 0.2%, closing at 16608 points. Japanese stock markets finally reopened with the Nikkei 225 losing just 0.5% as it played catchup, offset by a declining Yen as the USDJPY pair pushes further above the 143 level:
Australian stocks were able to put in modest losses with the ASX200 closing nearly 0.4% lower to retrace below the 7500 point level, closing at 7494 points while the Australian dollar rebounded to get back above the 67 cent level after its New Year slump:
S&P and Eurostoxx futures are pulling back further from their start of year lows going into the London open with the S&P500 four hourly chart showing a continued breakdown below the 4800 point level with short term momentum quite oversold:
Get The App
The economic calendar will focus mainly on German inflation tonight plus the latest US weekly initial jobless claims.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.