Stock markets are again in correction mode following the lack of confidence overnight on European markets with no change in the war in Ukraine weighing on markets as well as the hawkish change at the ECB overnight. Currency markets are seeing strength return to the USD with Yen selling off sharply while the Australian dollar is still oscillating around the 73 handle. Meanwhile gold remains below the $2000USD per ounce level while Bitcoin is also breaking down and heading back to its start of week position at just above the $38K level:
Mainland Chinese shares are selling off, particularly tech stocks with the Shanghai Composite currently down more than 2% to 3224 points while the Hang Seng Index is following suit with another big selloff, down 3.2% at 20222 points. Japanese stock markets have been unable to join in with the lower Yen as the Nikkei 225 is looking to close nearly 2.5% lower at 25025 points with the USDJPY pair soaring again as its bounceback accelerates above the 116 handle in a very strong move:
Australian stocks are again proving more resilient with the ASX200 looking to finish 0.7% lower to retrace below the 7100 point level, currently at 7072 points. Meanwhile the Australian dollar is oscillating around the 73 handle, unable to make headway pushing on short term support as the London session gets underway:
Eurostoxx and Wall Street futures are starting to falter here with the potential to roll over completely as the S&P500 four hourly chart is still showing considerable overhead resistance that needs to be cleared first before turning that midweek rally into something sustainable as momentum remains negative:
The economic calendar finishes the week with German inflation and UK GDP, then Michigan consumer sentiment.