Another red day for stocks across Asia but not as bad as expected given the huge risk off mood from Wall Street overnight with a late rally in the afternoon session covering a lot of the losses. Meanwhile the USD has firmed against most of the majors, particularly Yen while the Aussie almost broke the 68 handle before a late rally and gold is still holding on.
In mainland China, the Shanghai Composite is putting in a scratch session, currently at 2922 points, while the Hang Seng Index has fallen 1.2% to 24184 points. Price is now back at the midpoint of the wide channel that traded throughout April and May as this bear market rally peters on once more:
Japanese share markets were looking set to selloff substantially but managed to save it somewhat later in the session, with the Nikkei 225 only losing 0.7% to 22305 points, while the USDJPY pair has finally ceased its start of week downtrend, bouncing off of support at the mid 106s to be above the 107 handle going into tonights trade:
The ASX200 was down more than 2% mid session before a minor recovery at the close to finish 1.9% lower at 5847 points in what has been a fun week of trading! The Aussie dollar iniitally fell back even further this morning before bouncing somewhat to be over the mid 68s but still looking very weak here:
Eurostoxx and S&P futures are up around 1% going into the last session for the week as these turbocharged markets look for any signs of hope as the reality clouds won’t go away. The four hourly chart of the S&P500 shows the oversold nature of last night’s rout and why support at the 3000 point level is key going forward:
Have a good weekend!