Not quite a bath of blood here on Asian markets but there’s been a fair share of volatility as global supply chains are reworked and economists scratch their collective heads wondering where this will all end up. The USD remains under the pump against all the undollars except the Australian while bond markets surge as commodities flail about.
Oil markets continue to pull back with Brent crude back below the $69USD per barrel level while gold is struggling to maintain positive momentum after a volatile 24 hours, barely above the $3100USD per ounce level:
Mainland and offshore Chinese share markets are closed for a festival holiday while Japanese stock markets are having the worst of it with the Nikkei 225 down 3.8% to 33416 points while the USDPY pair has fallen even further in response to the Trump tariffs with a return to the 145 level:
Australian stocks have not escaped the carnage with the ASX200 closing some 2.5% lower at 7670 points while the Australian dollar has flipped yet again with a new low for the week, heading down to the 62 handle proper:
S&P and Eurostoxx futures are down significantly again with more selling expected on Wall Street tonight with the S&P500 four hourly chart showing a return to below the previous lows of the post election breakdown:
The economic calendar doesn’t really matter anymore but there’s non-farm payrolls tonight if you’re interested.