Asian stock markets are finishing the trading week in poor spirits following the selloff in tech stocks overnight on Wall Street, with all markets losing 1% or more. The USD remains under pressure against everything with Bitcoin rolling over through the $43K level while gold has held on to and advanced from its previous breakout, currently right on last week’s intrasession high just below the $1830USD per ounce level, as buying support builds:
Mainland Chinese shares are pulling back again going into the close with the Shanghai Composite down 0.6% to 3534 points while the Hang Seng Index is turning its recent pause into a selloff, down 1% to be just above the 24000 point level. Japanese markets are also selling off in response to some big Yen appreciation with the Nikkei 225 closing 1.1% lower at 28151 points as the USDJPY pair pushes straight through the 114 level for a new monthly low:
Australian stocks are down swiftly in response to the slump on Wall Street with the ASX200 about to close 1% lower at just below the 7400 point level while the Australian dollar is firming here after a consolidation period overnight, getting ready to threaten the 73 handle:
Eurostoxx and Wall Street futures are still quite depressed going into the London open, with the S&P500 four hourly chart showing price hovering at the previous stopping off point before the start of week dip, so we could see a repeat later tonight and a return to the 4600 point level:
The economic calendar finishes the week with UK and German GDP prints, then the latest US retail sales numbers and the Michigan consumer sentiment survey.