Asian share markets are trading lower across the board due to the steep falls on Wall Street overnight and the resurgence in safe haven buying in USD. The Australian dollar has been pushed below the 63 cent level as a result, putting in a new monthly low.
Oil prices have pulled back slightly from their light bounce overnight, with Brent crude consolidating around the $89USD per barrel level while gold is getting ready for another attempt at breaking through the $2000USD per ounce level after moderating all week:
Mainland Chinese share markets have dropped back before the long lunch break with the Shanghai Composite flat going into the close at 2973 points while in Hong Kong the Hang Seng Index is down just under 0.7% so far, currently at 16973 points. Japanese stock markets have lost the most ground with the Nikkei 225 closing some 2.1% lower at 30604 points. Trading in the USDJPY is seeing a steady breakout above the 150 level:
Australian stocks were unable to escape the selling with the ASX200 closing nearly 0.6% lower at 6812 points, firming the break below at 7000 points from last trading week while the Australian dollar was pushed straight through the 63 handle after a strong reversal overnight:
S&P and Eurostoxx futures are falling going into the London open as the S&P500 four hourly chart shows support crumbling at the 4200 point level as short term momentum remains very negative:
The economic calendar includes the ECB meeting, followed by US durable good orders and latest GDP print.