by Chris Becker
Stocks fell across the region today on a variety of local and international news, starting in South Korea but also extending into China due to a mounting trade war with the US. The weakening USD is not helping in Japan with the Yen elevated, while Pound watchers are waiting for the BOE meeting tonight.
In mainland China the Shanghai Composite is down 0.6% to 3266 points as it again fails to breach the next obvious resistance at the 3300 point level. The Hong Kong based Hang Seng Index is off only slightly, taking a break from its recent big meltup:
The Nikkei was dragged 0.25% lower to 20029 points, just holding on to be above the psychological important 20,000 point level. The USDJPY pair continues to struggle to find direction here, currently gravitating around the 110.60 level:
S&P futures are stable on low volume with all eyes on a breakout above ATR resistance at 2475 or so points, but the ISM non-manufacturing print later tonight could weigh:
The ASX200 slipped 0.2% to 5735 points, with commodity stocks off on the falling iron ore price and bank stocks unable to gain momentum.
The Aussie dollar reacted poorly to the trade balance figures earlier in the session, cracking below key support at the 79.30 level against the USD. Its maintaining a position below that level currently going into the London session and could retrace further:
The data calendar has two very big key events tonight, with the BOE meeting that could shake up Pound Sterling and the US non-manufacturing ISM print.