Macro Afternoon

Advertisement

Another interesting day here in Asia with Chinese stocks smacked down even though the latest CPI print came in bang on target, the risk off night in Wall Street has spooked markets across the region today. Interestingly, the ASX200 was relatively unharmed, down less than 1% even as commodity prices slumped. It’s going to be a fun session tonight!

In mainland China the Shanghai Composite is not just brushing aside support levels, its rampaging away, down nearly 6% to 3088 points. The Hang Seng Index is barely hanging on as well, falling nearly 4% to break the 30,000 point barrier, currently at 29263 points. The next level of support is down further still at 28000:

Advertisement

S&P futures are actually up a little, but will this last tonight? And will President BoneSpurs take the blame for the declines?

Japanese stocks had a rough day as well, even as Yen sold off slightly with the Nikkei 225 closing 2% lower at 21382 points. The USDJPY pair has just pipped above the 109 handle, after bouncing off weekly support at the 108.50 level:

Advertisement

The ASX200 fell only 0.9% after gapping down nearly twice that at the open, to close 53 points lower at 5838, rejecting overhead psychological support level at 6000 points. The Aussie dollar continues its downward trajectory however, now at 77.70 against USD:

Advertisement

The economic calendar concludes the week meekly with Canadian unemployment figures and UK industrial production.