Asian stocks are having poor returns due to the negative lead from Wall Street on the back of the latest US consumer confidence report which does not bode well for sooner than expected rate cuts. The USD is holding on to some recently lost ground although the Australian dollar is doing well to hold on to its post weekend gains to be just above the mid 66 cent level.
Oil prices are holding on to their recent gains as Brent crude opens just above the $84USD per barrel level while gold is not trying hard to steady itself after the recent steep falls, losing ground but still holding on to the $2340USD per ounce level this afternoon:
Mainland Chinese share markets were up initially but gave up their gains at the close with the Shanghai Composite steady while the Hang Seng Index lost nearly 1.8% to 18497 points. Meanwhile Japanese stock markets are also losing confidence with the Nikkei 225 managing a 0.7% loss to 38556 points as the USDJPY pair whipsaws around the 157 level:
Australian stocks had some steep falls, with the ASX200 down 1.3% to 7665 points while the Australian dollar has failed to continue its late Friday night move higher but is holding at the mid 66 cent level:
S&P and Eurostoxx futures are down 0.5% and 0.2% respectively as the risk off mood widens into the London session. The S&P500 four hourly chart shows price action previously wanting to get back above the 5300 point level but this has turned into short term resistance:
The economic calendar continues with the latest German consumer confidence and inflation prints, followed by the Fed Biege Book and a few Fed speeches.