Asian stock markets are all lower on poorer risk sentiment as concerns about inflation stemming from last night’s Bank of Canada move and stirring bond markets 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 is trying again after traders lost hope, just pipping over the $1800USD per ounce level, while Bitcoin is desperately trying to find a bottom here after getting dumped overnight, currently hovering just below the $59K 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% lower again, currently at 3524 points while the Hang Seng Index is just holding on to a scratch session at the 25616 point level. Japanese markets have continued their rollover with the Nikkei 225 closing nearly 0.9% lower at 28865 points, as the USDJPY pair shows a run to Yen safe haven buying in the wake of a wider risk off move, with a return to last week’s intrasession low:
Australian stocks have followed the crowd with the ASX200 falling 0.2% to finish at 7430 points while the Australian dollar continues to float listlessly here right on the 75 handle, with last week’s high turning into firmer resistance:
Eurostoxx and S&P futures are dead flat as we head into the London session, with the four hourly chart of the S&P500 showing price just hovering above short term ATR support at the 4530 point level after stalling out last night – big catalysts to get it moving again tonight:
The economic calendar is full tonight, with German unemployment and inflation and then the latest ECB meeting plus press conference. Then in the US we get the latest Q3 GDP estimates followed by initial weekly jobless claims and Apple and Amazon corporate earnings.