15.08.23 Macro Afternoon
Chris Becker | Aug 15, 2023 17:31
Asian stocks are mixed given the volatility on Wall Street overnight as the latest Japanese GDP numbers came in stronger than expected, while the PBOC cut rates again as economic data indicating more slowdowns in the Middle Kingdom. With Yuan falling sharply, the USD actually pulled back slightly against the other majors with the Aussie dollar getting back above the 65 cent level on the release of the latest RBA minutes.
Oil prices have steadied from their minor gap lower over the weekend with Brent crude stuck at the $86USD per barrel level while gold remains entrenched in a downtrend, falling back to the $1905USD per ounce level:
Mainland Chinese share markets are continuing their selloff from last week with the Shanghai Composite down over 0.2% at 3174 points while in Hong Kong the Hang Seng Index has fallen back 0.8% to 18616 points.
Japanese stock markets liked the GDP print and inflation numbers with the Nikkei 225 closing more 0.8% higher at 3238 points while the USDJPY kept pushing higher, now at the mid 145 level:
Australian stocks were able to make a modest lift in the end with the ASX200 closing 0.4% higher to be just above the 7300 point barrier while the Australian dollar put in a very modest lift to be just above the 65 handle but still can’t shake its new monthly low:
Eurostoxx and S&P futures are up 0.4% or so with the S&P500 four hourly chart showing the downtrend still in place but a possible short term bottoming forming at the 4500 point level. The inability to get back above the 4600 point level before last week’s NFP print is resulting in this trend channel winding down further:
Get The App
The economic calendar ramps up with the latest German ZEW survey followed by US retail sales.
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.