A sea of red across risk markets here in Asia as they continue to react to the Trump/China trade battle. There was some stability in currency markets, except in Kiwi as the RBNZ cut rates, while gold prices lifted slightly.
The Shanghai Composite has fallen below 2900 points, down over 1% to 2893 points to add to its woes from the 6%+ loss in the previous sessions. In Hong Kong, the Hang Seng Index fell even further, down 1.3% to 28982 points, with price slumping through to the previous local support at the 29000 point level:
US and Eurostoxx futures are up slightly with the four hourly chart of the S&P 500 trying to stabilise here after a steady series of lower lows as price remains just below the previous terminal resistance level at 2900 points:
Japanese share markets continued to fall, with the Nikkei 225 closing 1.5% lower to 21602 points and now down to a monthly low. The USDJPY pair is also in free fall with a very small bounce above the 110 handle, still sending a clear risk off indicator as trailing resistance overhead and momentum remain negative:
Australian stocks were still the best performers, relatively speaking, with the ASX200 falling only 0.4% or so to 6269 points. The Australian dollar is stabilising here post the RBA meeting, taking a small bid on the Kiwi fall, remaining slightly above the 70 handle creating a symmetrical triangle on the four hourly chart:
The economic calendar includes German industrial production figures for March and a speech by Mario Draghi in Frankfurt, plus another round of DOE oil inventories.