Asian stocks are slipping as we start a new trading week with caution abound going into the London session as UK markets are closed for the Queen’s funeral. The USD remains super strong against the major currency pairs with Euro hovering around parity while the Australian dollar retraced below the 67 cent level again. Meanwhile oil prices are also slipping with Brent crude falling back to just above the $91USD per barrel level while gold has continued its Friday night slump as it stays below recent weekly support at the $1700USD per ounce level, heading to a new monthly low at $1665:
Mainland Chinese share markets continued their selloffs with the Shanghai Composite down more than 0.4% to 3112 points while the Hang Seng Index doubles down on its bear market, down more than 1% at 18556 points. Japanese stock markets were closed for yet another holiday while the USDJPY pair is trending slightly higher to try to arrest the very mild decline from Friday night, hovering just above the 143 handle:
Australian stocks are looking very unsteady with the ASX200 finishing some 0.3% lower at 6719 points. The Australian dollar also took back most of its very late Friday session bounceback, retracing back below the 67 handle and almost back at its recent weekly lows:
Eurostoxx and US futures are slipping as we go into the London session with the S&P500 four hourly futures chart still showing quite depressed price action which is being held below medium term and possibly psychological long term resistance at the 4000 point level as momentum remains flat, but definitely negative:
The economic calendar starts the trading week with