Asian stocks remain volatile with more sharp selloffs with mainland Chinese shares the only escaping broader damage. The USD remains strong against the majors even as Euro tries to stay above parity, while the Australian dollar was slammed below the 69 cent level with an anemic figghtbaack this afternnon.. Meanwhile oil prices are holding on to their overnight losses with Brent just above the $95USD per barrel level while gold is still retracing after its Friday night slump, now back to the $1707USD per ounce level and below the previous new weekly low:
Mainland Chinese share markets are again treading water with the Shanghai Composite holding at 3200 points while the Hang Seng Index slumped nearly 1.6% lower, closing at 19620 points as it fails to get back above the 20,000 point level again. Japanese stock markets have also fallen sharply, with the Nikkei 225 closing 1.5% lower at 27661 points while the USDJPY pair remains overextended as it hovers above the 139 level:
Australian stocks had the worst session in the region, with the ASX200 closing more than 1.6% lower to extend its losses below the 7000 level, finishing at 6861 points. The Australian dollar fell through the 68 handle earlier in the session before bouncing back sharply but its still under a lot of pressure here:
Eurostoxx and US futures are going lower again as we head into the London session, with the S&P500 four hourly futures chart showing price action breaking further below the 4000 point level. The four hourly chart shows momentum still in an oversold position, with a very low chance of a swing higher here:
The economic calendar includes US initial jobless claims, then the latest ISM manufacturing survey.