Its still a sea of red across stock markets with the Asian session not disappointing as selloffs continue as the commodity prices to decade highs takes re-risks economic growth across the globe. Oil is climbing again after a brief reprieve overnight with a big short squeeze in nickel seeing it shoot to the moon. Commodity currencies are pulling back after being highly bid and overstretched, with the Australian dollar back down to the 73 handle. Meanwhile Bitcoin is deflating and oscillating around the $38K level as gold is also losing short term momentum after briefly touching the $2000USD per ounce level:
Mainland Chinese shares are taking another dive with the Shanghai Composite currently down 2% to 3305 points while the Hang Seng Index is barely holding on, down 0.5% to 20961 points. Japanese stock markets are also selling off sharply with the Nikkei 225 down more than 1% to 24927 points despite the USDJPY pair bouncing back overnight as concerns over the domestic economy post-pandemic continue to weigh:
Australian stocks were unable to hold on despite energy prices buoying that sector previously with the ASX200 finishing some 0.7% lower to crack below the 7000 point level, closing at 6986 points. Meanwhile the Australian dollar is also in retreat mode after getting way ahead of itself, currently hovering just above the 73 handle and short term support as the London session gets underway:
Eurostoxx and Wall Street futures are trying in vain to hold on but the selling pressure is building yet again, with the S&P500 four hourly chart showing price seemingly ready to return to the pre-invasion lows at the 4100 points level:
The economic calendar includes the latest Euro wide GDP growth forecasts, followed by US balance of trade and wholesale inventory reports.