The trading week is just not improving here for Asian share markets as the risk off mood accelerates across all bourses, as Chinese shares slump due to COVID concerns and runs on bank deposits. The defensive USD is smashing Euro down to parity while the Australian dollar remains quite depressed as it barely holds above the 67 cent level. Oil prices are pulling back slightly, with Brent crude hovering at the $105USD per barrel level, while gold is slipping further downwards, as it makes a new low at the $1728USD per ounce level:
Mainland Chinese share markets were looking shaky at the open before retracing sharply going into the close with the Shanghai Composite currently down 0.7% to 3291 points while the Hang Seng Index is off by only 1% or so, currently at 20887 points. Japanese stock markets have caught up to the risk off mood, with the Nikkei 225 index closing 1.8% lower at 26323 points while the USDJPY pair has kept hold of its new weekly high above the 137 handle:
Australian stocks were the standout in the region with the ASX200 finishing with a scratch session at just above the 6600 point level. The Australian dollar has continued to fall throughout the session, as it slides down into the low 67’s as the USD juggernaut continues:
