A sea of red across Asian stock markets today as fallout from the deep dive on European bourses on Friday night and the surge in commodity prices to decade highs takes risk completely off the table. Nickel, copper and other metals are now at decade highs while wheat and other agricultural commodities go limit up on supply concerns as the European breadbasket of Ukraine goes up in flames as nobody can stop the Putin. Meanwhile commodity currencies are highly bid, with the Australian dollar making a new daily high, while Yen is seeing a run as gold briefly touched the $2000USD per ounce level:
Meanwhile Bitcoin is continuing to pullback as its retracement turns into a wider correction down below the $38K level:
Mainland Chinese shares are taking a dive with the Shanghai Composite currently down 1.5% to 3393 points while the Hang Seng Index has slumped another 3% to fall to 21229 points. Japanese stock markets are also selling off sharply with the Nikkei 225 down more than 3% to 25191 points as the USDJPY pair maintains its Friday night lows just below the 115 handle, having almost made a new weekly low in the process:
Australian stocks were again the best performers in the region, but its all relatively speaking with the ASX200 managing to finish more than 1% lower, breaking below the 7100 point level, closing at 7027 points. Meanwhile the Australian dollar is pushing further onward from its recent gains, lifting through the 74 handle as the London session gets underway:
Eurostoxx futures are down almost 3% while Wall Street is looking for a 1-2% drop on the open as oil prices spike, with the S&P500 four hourly chart shows price about to break below the previous weekly low support level at 4250 points, with a return to the February lows possible here:
The economic calendar starts the week slowly following Friday night’s US unemployment print with German retail sales and some Treasury auctions.