Asian share markets have slumped in the final trading session of the week due to the falls on Wall Street overnight as inflation and growth concerns amid higher energy prices dominate risk taking. The USD remains strong against all the undollars, with only very minor lifts in weak trading in the Australian dollar, unable to get back above the 71 cent level. Oil prices are drifting sideways, with Brent crude well above the $120USD per barrel level while gold is slowly deflating down to the $1840USD per ounce level:
Mainland Chinese share markets are the odd ones out, with the Shanghai Composite currently up 0.6% to 3257 points while the Hang Seng Index remains unsteady, down 0.2% to keep below the 22000 point level. Meanwhile Japanese stock markets are pulling back the sharpest, with the Nikkei 225 index currently down 1.5% at 27824 points while the USDJPY pair is holding on to its gains to remain well above the 134 level:
Australian stocks continued their selloff with the ASX200 down more than 1% going into the close, finally cracking through the 7000 point level at 6937 points while the Australian dollar is looking very weak here as it tries in vain to find a bottom at the 71 cent level against USD, having wiped out weekly support last night:
Eurostoxx and Wall Street futures are drifting lower as we head into the European open with the S&P500 four hourly futures chart showing price still crushed at the 4000 point level after breaking through key support overnight at the 4100 point level. Watch for any further downside to accelerate towards the 3900 point area if 4000 is taken out:
The economic calendar finishes the week with a big one – the latest US inflation figures.