30.01.24 Macro Afternoon
Chris Becker | Jan 30, 2024 18:31
Asian share markets are still mixed given the reaction to the Evergrande (HK:3333) collapse in China with Japanese equities barely moving while local stocks continue to lift slightly higher Wall Street will be looking for more positive momentum on the open while the Australian dollar is holding on to its small advance above the 66 cent level.
Oil prices are starting to get more volatile in the wake of drone attacks in the Middle East tensions build with Brent crude holding above the $82USD per barrel level while gold remains in a little uptick as it climbs above the $2030USD per ounce level but without much confidence:
Mainland Chinese share markets are falling in afternoon trade as the Shanghai Composite moves at least 1% lower to 2851 points while in Hong Kong the Hang Seng Index is taking back its recent bounceback, currently down nearly 2% to 15771 points. Japanese stock markets are treading water with the Nikkei 225 closing up just 0.1% higher at 36065 points while the USDJPY pair has not sold off further from its overnight losses, still holding above the 147 level:
Australian stocks were able to advance slightly as the ASX200 closed 0.3% higher at 7600 points while the Australian dollar managed to hold on to its little peakaboo above the 66 cent level as it trys to break free of overhead resistance:
S&P and Eurostoxx futures are moving higher going into the London session with the S&P500 four hourly chart showing price action holding on to the overnight moves as the 4900 point level slowly turns into support:
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The economic calendar ramps up tonight with European and German flash GDP prints with US consumer confidence numbers thereafter.
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