Macro Afternoon

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Asian markets gapped lower and were bearish throughout the session until a surge in the afternoon saw many put in scratch sessions or mild rises. Currencies were mainly range bound with gold not showing much life but remaining above the $1700USD per ounce level.

In mainland China, the Shanghai Composite is up a little over 0.2% at 2899 points, while the Hang Seng Index is dead flat after being down more than 1% at the open, currently at 24254 points, holding here but not completely wiping out the chance of a breakout:

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Japanese share markets were the worst performers with the Nikkei 225 closing 0.5% lower to 20267 points while the overnight reversal in the USDJPY pair slowed down as it approached the 107, with the potential for a snapback higher if the low moving average is not broken through again:

The ASX200 fell over 1% at the open and looked like staying there until an afternoon buying frenzy saw it eventually close 0.35% higher at 5421 points, while the Aussie dollar held on after its slump overnight, trading in a tight range below the 65 handle, still looking weak here:

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Eurostoxx futures are still down 1.5% going into the London open while S&P futures are flat, still recovering from the big knockout overnight and hovering well below the 2900 point level:

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