Macro Afternoon

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Asian markets continue their decline following the continued overnight rout on Wall Street, with local Australian stocks leading the selloff. Commodities and commodity currency remain depressed with the Australian dollar inching below the 66 cent mark vs USD while gold has recovered a little from its profit taking slump overnight.

The Shanghai Composite is the only market to see green on the board, currently up 0.3% going into the close at 3022 points as it remains above the 3000 point barrier. Meanwhile the Hang Seng Index is off by 0.5% to 26760 points after a big gap down at the open:

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Japanese share markets are still selling off despite a small bounce in USDJPY with the Nikkei 225 falling a little over 1% to 22346 points. The USDJPY pair bounced back slightly, almost up to the mid 110s but is still looking weak here on the four hourly chart with momentum quite negative:

The ASX200 is getting smashed, losing another 2.5% going into the close at 6695 points, not helped by a depressed Australian dollar which is now struggling to find some buying support at the 66 handle as it looks set to make a new low for the week:

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Eurostoxx and S&P futures are flat and looking precarious again, as the four hourly chart of the S&P500 finds a tiny amount of support just above the 3140 point level as it races towards the previous, but still not quite sustainable trendline from the 2019 rally.

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The economic calendar has three interesting events to watch out for, including ECB President Lagarde giving a speech in Germany, followed by US new home sales and then the latest DOE oil inventory report.