Its a risk off mood here in Asia today with the fallout from the Apple revenue guidance striking a little bit of fear in stock markets. The release of the RBA minutes sent the Aussie dollar down, while gold and Yen advanced on the safe haven bid.
The Shanghai Composite is stumbling around after its long lunch break, barely holding on going into the close to be down 0.15% at 2978 points while the Hang Seng Index is down 1.4% to 27560 points taking back all of the previous weeks gains. As I’ve been stating, the recent uptrend required a break through firm resistance at the 28000 point level, as momentum was not yet positive:
Japanese share markets are now tripping over themselves as the risk off clarion rings, with the Nikkei 225 losing 1.5% to 23168 points, now wiping out half of its recent gains. The USDJPY pair is retracing too as Yen buying accelerates, pushed well below the 110 level and now threatening key support at the 109.70 level:
The ASX200 put in another scratch session, down 0.16% or so and barely getting out of the gates so far this week, stalled just above the 7100 barrier. The Australian dollar was pushed lower by the dovish RBA minutes, breaking through the 67 handle against USD, as the dominant downtrend continues:
Eurostoxx and S&P futures are down in the wake of the Apple guidance, with the four hourly chart of the S&P500 almost fulfilling the bearish rising wedge pattern that has been slowly forming since the last minor dip:
The economic calendar ramps up tonight with the latest German ZEW survey, UK labour data then a slew of US Treasury auctions.