08.03.24 Macro Afternoon
Chris Becker | Mar 08, 2024 18:31
Asian share markets are putting in strong sessions to finish the trading week, rising in response to bullish confidence on Wall Street overnight as the USD continues to fall alongside lower bond yields. This is keeping the Australian dollar on a tear, having recovered well above the 66 cent level this afternoon.
Oil prices are trying to claw back recent losses as Brent crude almost crossed above the $84USD per barrel level while gold is extending its recent gains to almost cross the $2060USD per ounce level as it obliterates any resistance:
Mainland and offshore Chinese share markets are rising together again with the Shanghai Composite up more than 0.4% while the Hang Seng has advanced more than 1.4% higher to 16456 points. Japanese stock markets were able to rebound ever so slightly, with the Nikkei 225 closing just 0.2% higher at 39689 points while the USDJPY pair has failed to get back above the 148 level after its recent collapse but remains steady:
Australian stocks were nearly the strongest again with the ASX200 gaining more than 1% to close at 7847 points while the Australian dollar has continued its sharp rebound, now extending through the 66 cent level:
S&P and Eurostoxx futures are steady and ready to engage to the upside as we go into the London session with the S&P500 four hourly chart showing price action wanting to advance past the 5100 point level:
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The economic calendar ends the week with the big event of the month – US non farm payroll aka unemployment numbers.
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