Selling is the order of the day here in Asia with all stock markets lower by 1% or more in response to the selloff on Wall Street overnight, as traders weigh up more negativity around the “V” shaped recovery post-coronavirus. The USD is gaining against everything by safe haven Yen, with the Aussie dollar dropping on the release of the latest unemployment figures, while gold remains steady above the $1700USD per ounce level.
In mainland China, the Shanghai Composite is down by nearly 1% going into the close, currently at 2872 points, while the Hang Seng Index is down more than 1.4% , currently at 23851 points, holding just above the recent daily lows as resistance proves too strong overhead:
Japanese share markets were again the worst performers with the Nikkei 225 closing 1.7% lower to 19910 points, finally cracking below key support at 20,000 while the reversal in USDJPY pair continued, falling below the 107 handle and barreling in on key support from last week:
The ASX200 fell over 1% at the open and this time stayed there, with a late session selloff seeing it close 1.7% lower at 5328 points, while the Aussie dollar had reacted relatively well to the relatively benign unemployment headline print, falling down to the 64 handle to make a new intraweek low:
Eurostoxx futures are down over 1% going into the London open while S&P futures are off by 0.4% or so, indicating more selling likely tonight with the four hourly chart showing key support from the previous week low at just below 2800 ready to fold:
