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Opening pressure relieved

Opening pressure relieved

Australian shares are under pressure at the open despite mixed to benign leads. Falls in European and US shares overnight did not reach the depths plumbed by Asia Pacific markets yesterday. Bonds yields continued their pull back to higher levels, and leading industrial commodities crude oil and iron ore rose. Despite finishing the overnight session in the green, Australian share price futures dropped 23 points at the bell.

However support for resource stocks and consumer exposed stocks turned the fall around. The gains in the materials sector are all the more impressive given an average drop of 0.6% for gold stocks.

Currency markets remain steady. Forex traders are debating the potential for a US intervention to weaken the US dollar, but little movement and lower volatilities suggests the possibility is remote.

Crypto currencies are generally higher. The continuing support for the alternative asset class points to concerns above elevated pricing in more traditional investment markets. Top crypto issues are leading, with the 0.85% gain in the Major Crypto Index out stripping the 0.4% gain in the Emerging Crypto Index.

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