Asian stocks are mainly in the red as markets react to volatility around European elections as the Chinese central bank buys up Yuan to shore up the weak currency. USD is still strong following Friday night’s stronger than expected US jobs report with the Australian dollar barely holding on at the 66 cent level.
Oil prices have slipped marginally with Brent crude still holding on to post weekend gains just below the $80USD per barrel level while gold is depressed as it hovers around the $2300USD per ounce level still reeling after its Friday night slump.
Mainland Chinese share markets started in the red and have stayed their at the close with the Shanghai Composite off by more than 0.7% while the Hang Seng Index returned from its long weekend with another poor session, currently down 0.8% to 18203 points. Meanwhile Japanese stock markets were the only bright note with the Nikkei 225 up 0.2% to 39134 points as the USDJPY pair lifts above the 157 level:
Australian stocks have slumped after returning from the long weekend, with the ASX200 closing more than 1.3% lower to 7755 points while the Australian dollar has held on to its weekend gap gains to be just above the 66 cent handle:
S&P and Eurostoxx futures are both up marginally as we head into the London session with the S&P500 four hourly chart showing price action holding well above the 5300 point level after its recent breakout as short term momentum remains well into overbought mode:
The economic calendar tonight will focus on the UK unemployment print tonight.