06.12.23 Macro Afternoon
Chris Becker | Dec 06, 2023 17:12
Asian share markets are doing much better despite the wobbly session on Wall Street overnight with Chinese stocks rebounding following yesterday’s Moody’s cut, while locally the latest GDP figures are giving the Aussie dollar a boost despite a per capita recession.
Oil prices are looking to fall further tonight with Brent crude about to break below the $77USD per barrel level while gold is slowly inching higher having exploded in recent sessions to new record high with some heat taken out to be at the $2030USD per ounce level:
Mainland Chinese share markets are edging slightly higher near the close with the Shanghai Composite up 0.3% to 2978 points while in Hong Kong the Hang Seng Index is finally rebounding, up 1.5% to 16572 points. Japanese stock markets are the best performers in the region with the Nikkei 225 up nearly 2% to 33414 points while the USDJPY pair is trying to stave off its Friday rollover but it still hovering near the 147 level:
Australian stocks were very solid achievers in today’s session with the ASX200 closing 1.7% higher to push back above the 7100 point level while the Australian dollar reversed course on the GDP print with a surge back towards the 66 cent level but still not out of strife:
S&P and Eurostoxx futures are lifting higher going into the London open as the S&P500 four hourly chart shows support continuing to firm at the 4500 point level where price action is likely to test the 4600 point level in tonight’s session as risk sentiment gets back into positive territory:
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The economic calendar includes Euro wide retail sales plus the latest US balance of trade and private ADP (NASDAQ:ADP) jobs numbers.
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