A sea of red across Asian stock markets in response to the poor finish to the trading week on Friday night on Wall Street with Japanese bourses falling sharply as exporters worry about the next round of Trump tariffs. The USD is losing ground against most of the major currency pairs although the appreciation in Yen has been swift over the weekend gap and the Australian dollar has remained below the 63 cent level.
Oil markets are failing to build upside momentum but Brent crude is still above the $73USD per barrel level while gold continues to push higher, now soaring to the $3115USD per ounce level with short term momentum still extremely overbought!
Mainland Chinese share markets are falling in afternoon trade with the Shanghai Composite down 0.8% while the Hang Seng Index is off by over 1.6%, currently at 23057 points. Japanese stock markets are doing the worst however as Yen appreciates with the Nikkei 225 slumping nearly 4% lower at 35661 points while the USDPY pair has failed to hold above last week’s highs at the 150 level, retracing back to the 149 handle proper:
Australian stocks were the best performing relatively speaking with the ASX200 closing 1.7% lower to close at 7843 points while the Australian dollar has failed to get back above the 63 cent level against the USD following the weekend break:
S&P and Eurostoxx futures are down at least 0.5% as we head into the London session as the dead count bounce rolls over yet again with the S&P500 four hourly chart showing a return to the previous lows of the post Trump election breakdown:
The economic calendar includes a couple inflation numbers in Europe tonight but not much else.