Asian stock markets are looking to finish the trading week on a dour note with falls across the region in response to overnight hawkishness surrounding the Federal Reserve’s interest rate agenda. The grilling of the RBA Governor in Parliament today hasn’t helped local confidence either with the Australian dollar receding sharply into a new weekly low well below the 69 cent level. Meanwhile oil prices are drifting slightly lower with Brent crude hovering just above the $84USD per barrel level as gold caps off a really poor week to now push below the $1830USD per ounce level:
Mainland Chinese share markets are wavering without much confidence as they reel from the previous session very late losses, with the Shanghai Composite down 0.2% to 3243 points while the Hang Seng is also on the decline, down 0.6% to 20866 points. Japanese stock markets are following suit with the Nikkei 225 about to close some 0.7% lower at 27501 points with the USDJPY pair can’t be stopped, hitting its straps well above the 134 handle to a new weekly high:
Australian stocks have pulled back the sharpest in the region with the ASX200 losing nearly 0.8% going into the close, currently well below the 7400 point level at 7353 points. The Australian dollar has also made new lows after its overnight volatility, breaking well below the 69 level and making a new weekly low:
Eurostoxx and US futures are pushing lower as traders absorb the latest hawkishness with the S&P500 four hourly chart showing price action returning to last week’s intrasession low as short term momentum gets into quite a negative funk:
The economic calendar finishes the week with a whimper although there is one or two more Fed official speeches to keep an ear out on.