Asian stock markets are pulling back sharply in their final session for the trading week in response to the poor economic data overnight from the US that has seen Wall Street stall as risk sentiment inverts. US and European stock futures are down with the USD mixed against the majors as the Australian dollar flopped. Oil prices are continuing their falls from overnight on weaker US economic news with Brent crude just above the $80USD per barrel level while gold is failing to fight back after its recent push below the $2000USD per ounce level with another rollover throughout the Asian session:
Mainland Chinese share markets are again sharply in the red as they fall into the close, with the Shanghai Composite down over 1.4% to remain below the 3400 point barrier at 3319 points while the Hang Seng is following suit, down 1% at 20190 points. Japanese stock markets are the best in the region, but only relatively speaking, with the Nikkei 225 closing 0.2% lower at 28591 points not helped by a much stronger Yen with the USDJPY pair failing to hold on to its bounce above the 134 level with a clear retracement underway:
Australian stocks have fallen almost in line with Wall Street with the ASX200 off by more than 0.4% to finish well below the 7400 point level at 7330 points. The Australian dollar has been unable to make any gains and has returned to its recent session lows following the release of the RBA Minutes as the Pacific Peso now dices with the 67 handle:
Eurostoxx and US futures are falling heading into the London open with earnings downgrades still dominating risk sentiment as the S&P500 four hourly chart shows price action failing to move above overhead resistance after clearing a point of control at the 4150 point level and ready to push back to last week’s high. The psychological level to clear at 4200 points remains out of reach:
The economic calendar finishes the trading week with a slew of flash manufacturing and services PMI’s and private oil rig counts in the US.