Stocks markets are falling across the region in response to the big stumble on Wall Street and in Europe overnight, with a retreat to safe havens like Yen and gold, the latter inching back above the $1900USD per ounce level but still looking weak here as its medium term uptrend remains under threat:
The Shanghai Composite is an exception, currently putting in a scratch session and going nowhere fast, still at 3250 points while in Hong Kong the Hang Seng Index returned from its long weekend with a sea of red across its board, down nearly 0.9% to 24711 points. Japanese stock markets have moved into selloff mode too, with the Nikkei 225 closing some 0.3% lower at 23452 points as the USDJPY pair retreats on the back of Yen safe haven buying:
The ASX200 is the big loser, down 1.7% to 6051 points despite the lack of COVID cases, while the Australian dollar has gone almost nowhere, lifting ever so slightly to the 71.30 level going into the London open:
Eurostoxx and S&P futures are mixed with the latter showing half of last night’s selloff filled with a return to the 3400 point level for the S&P500. News that Senate “Leader” McConnell has shutdown the Senate until after the election – meaning 0% chance of passing a stimulus bill for at least two or three weeks, if ever – should weigh on markets as realisation sets in:
The economic calendar includes two US centric releases – the latest durable goods order plus consumer confidence (and house price indicies, but I repeat myself…)