Asian stock markets are all lower on poorer risk sentiment as concerns about China’s property sector continue to grow. This is spilling over into sour sentiment for Eureopan and US stocks heading into the London open, while the USD is remaining relatively strong against the major currency pairs. Gold has slumped again, rejecting the overhead $1800USD per ounce level, while Bitcoin briefly dropped below the $60K level, as it proves completely unable to burst back above the previous and record high:
Chinese shares are moving sharply lower with the Shanghai Composite pushed 1.1% lower after it failed to get back above the 3600 point level, now down to 3557 points while the Hang Seng Index is off nearly 1.6% to be at 25610 points. Japanese markets have failed in their bounceback with a muted session for the Nikkei 225, closing 0.1% lower at 29098 points, while the USDJPY pair has also faltered and headed back to the 114 handle after an overnight resistance rejection:
Australian stocks have gone nowhere again, but at least the ASX200 was the only market to put in a positive return, lifting 5 points to close at 7448 points while the Australian dollar absorbed the latest (sic) inflation report by staying the course and heading back above the 75 handle, now pushing through and ready to tackle last week’s high:
Eurostoxx and S&P futures are down 0.1% to 0.2% going into the London session, with the four hourly chart of the S&P500 showing price wanting to get back on track and make ever more record highs as it remains well supported here as more tech earnings reports come in:
The economic calendar continues to pick up with the latest German consumer confidence survey, then US durable goods orders.