Gains on the Australian share market in the wake of the French election result have been tempered in afternoon trading, as Asian stocks struggle to gain traction.
The ASX200 climbed by as much as 0.6% in early trade, but this chart from investing.com shows it’s currently flat:
Financials are up with the big banks all in positive territory, but miners are currently dragging on the market.
Hong Kong’s Hang Seng index is down 0.18% in the lunch break, while the Shangai Composite index is down by 1.56%:
Shanghai’s index will be worth watching towards the close, as the market hasn’t posted an intra-day loss of more than 1% in more than three months.
According to Bloomberg, there were 13 occasions in that span when the market was down by more than 1% before staging a late rally.
Japan’s Nikkei index is up by 1.3%, after money moved out of Japanese yen following the election result. Japan’s market generally moves inversely to the yen as the big Japanese exporters benefit from a weaker currency.
The Aussie dollar has gained more than 1% against the yen but continues to see only modest gains against the US dollar in afternoon trade.
Here’s the AUD scoreboard as at 3:00pm AEST:
AUD/USD 0.7556 , 0.0014 , 0.19%
AUD/JPY 83.13 , 0.87 , 1.06%
AUD/CNH 5.2022 , 0.0065 , 0.13%
AUD/EUR 0.6958 , -0.0072 , -1.02%
AUD/GBP 0.5901 , 0.0015 , 0.25%
AUD/NZD 1.0738 , 0.0017 , 0.16%