27.10.23 Macro Afternoon
Chris Becker | Oct 27, 2023 18:32
Asian share markets are trading higher across the board with a relief rally going into the last session of the trading week with Eurostoxx and S&P futures lifting while safe haven buying in USD is abating. The Australian dollar has been pushed up to the mid 63 cent level as a result, but this still keeps it near a monthly low.
Oil prices have lifted slightly from their reversal overnight, with Brent crude consolidating around the $89USD per barrel level while gold is getting ready for another attempt at breaking through the $2000USD per ounce level after building support all week:
Mainland Chinese share markets have lifted higher with the Shanghai Composite gaining nearly 1% to close at 2999 points while in Hong Kong the Hang Seng Index is doing twice as well, up 2% to 17419 points. Japanese stock markets are going along for the ride with the Nikkei 225 closing some 1.2% higher at 30991 points. Trading in the USDJPY is somewhat muted with a small pullback to the 150 level:
Australian stocks were the worst in the region with only a small lift as the ASX200 closed just 0.2% higher at 6826 points, confirming the break below at 7000 points from last trading week while the Australian dollar was able to continue its overnight bounceback, currently at the mid 63 level:
S&P and Eurostoxx futures are up only slightly going into the London open as the S&P500 four hourly chart shows support crumbling at the 4200 point level as short term momentum remains very negative:
Get The App
The economic calendar concludes the trading week with the US core PCE index and Michigan consumer sentiment numbers.
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.