Asian stocks remain in sell mode as Wall Street slumped overnight with further worries over the Chinese economy keeping risk markets at bay as Morgan Stanley drops their GDP forecast. Yuan continues to fall sharply with USD firming against the other majors with the Aussie dollar lower on today’s unemployment print.
Oil prices are trying to bounce back after last night’s modest selloff with Brent crude just below the $84USD per barrel level while gold remains entrenched in a downtrend, after breaking the $1900USD per ounce level overnight:
Mainland Chinese share markets are rebounding with the Shanghai Composite up over 0.4% at 3162 points while in Hong Kong the Hang Seng Index is steady at 18345 points.
Japanese stock markets continue to stumble despite a weaker Yen with the Nikkei 225 closing 0.4% lower at 31626 points while the USDJPY is holding on to its overnight gains, currently above below the 146 level:
Australian stocks are still selling with the ASX200 finishing 0.8% lower to close at 7146 points while the Australian dollar went straight down on the unemployment print, breaking through the 64 cent level before a late rebound this afternoon:
Eurostoxx and S&P futures are down 0.8% or so with the S&P500 four hourly chart showing the downtrend accelerating.The inability to get back above the 4600 point level before last week’s NFP print is resulting in this trend channel winding down further as confidence evaporates:
The economic calendar is relatively quiet tonight with US initial weekly jobless claims.