Friday night saw the Dow close down for the fifth session in a row with inflation expectations causing a further run to to safety in USD, capping off a big week for King Dollar. Euro and the Australian dollar fell to new weekly lows on the back of a more concerns about the US debt ceiling plus the latest Michigan consumer sentiment survey tanking.
Meanwhile 10 year US Treasury yields continued their pull back even further on the debt ceiling deadline, remaining well below the 3.4% level as oil prices continued their dead cat bounce with Brent crude falling down to the $74USD per barrel level. Gold also had a misstep in its own rebound to fall nearly $20 to just above the $2010USD per ounce level.
Looking at share markets in Asia from Friday’s session where mainland Chinese share markets sold off going into the close with the Shanghai Composite down 1.1% at 3272 points while the Hang Seng lost nearly 0.6% to continue pushing below the 20000 point level at 19627 points.
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