Asian stocks are in sell mode today as the poor lead from Wall Street overnight combined with the stronger USD sees risk sentiment sour, not helped by the German and US inflation prints coming in later tonight. The USD has pushed local currencies around again with the Australian dollar right on the mid 69 level and looking weak. Meanwhile oil prices are just holding on to their recent daily lows after recently falling below key support levels, with Brent crude hovering at the $95USD per barrel level, while gold is stable but is finding significant resistance at the $1800USD per ounce level:
Mainland Chinese share markets are pulling back again with the Shanghai Composite down 0.5% to 3229 points while the Hang Seng Index has slumped, falling more than 2.6% to close at 19482 points. Japanese stock markets are also in retreat with the Nikkei 225 down 0.6% to 27819 points as the USDJPY pair holds on unchanged just above the 135 handle:
Australian stocks have slid back into caution mode again with the ASX200 pulling back below the 7000 point level, closing 0.5% lower to 6995 points. The Australian dollar is hovering right on the mid 69 level after its mild drop overnight with a lot of overhead resistance building as traders weigh up the next US inflation print:
Eurostoxx and US futures are sliding going into the London session, as the S&P500 four hourly futures chart continues to show a lot of hesitation here at the 4150 point level as the relief rally with concerns over the coming inflation print dominating:
The economic calendar tonight will focus squarely on both the German and US core inflation prints.