Asian stocks have reacted in kind to the rout on Wall Street overnight with steep losses across the region – except for Japanese stocks. All the major currency pairs continue to lick their wounds after similar retracements overnight with the nearly unstoppable USD likely to strengthen after tonights US unemployment print. Oil markets are pushing higher again with Brent crude now above the $111USD per barrel level while gold is looking very weak here, rolling over again to kiss the $1900USD per ounce level target away as daily momentum flops back into oversold mode:
Mainland Chinese share markets are getting hit hard with the Shanghai Composite currently down more than 2% to 2996 points while the Hang Seng Index is being punished, off by nearly 4% at 20027 points. Japanese stock markets have reopened without much fuss at all as the Nikkei 225 barrels in on a scratch session while the USDJPY pair has lifted higher to almost make a new weekly high, currently at the mid 130 level:
Australian stocks are getting hammered from the overnight rout, with the ASX200 down more than 2.3% going into the close, currently at 7193 points. Meanwhile the Australian dollar has oscillated mildly after its own pullback overnight, still barely hovering above the 71 handle:
Eurostoxx and Wall Street futures are trying vainly not to get dragged down again with the former playing catchup while the S&P500 four hourly chart showing price wanting to return to the start of week low just below the 4100 point level:
The economic calendar will focus squarely on tonight’s May non-farm payrolls aka US unemployment print, just to add to the volatility!