The Israeli war on Iran has dominated the final session of the trading week here in Asia with all share markets finishing in the red, with a very small bid towards the USD for a safe haven bid, except gold. The Australian dollar was also finally pushed back below the 65 cent level in the risk off mood.
Oil markets have not surprisingly spiked on the war with Brent crude almost hitting the $80USD per barrel level before settling somewhat at the $75 level this afternoon while gold has also spiked above the $3400USD per ounce level:
Mainland Chinese share markets have fallen back sharply as the Shanghai Composite flopped below the 3400 point level while the Hang Seng Index was also down more than 1% in afternoon trade at 23775 points. Japanese stock markets are also falling back with the Nikkei 225 moving more than 1.1% lower to 37741 points while trading in the USDPY pair has seen a small bounceback on the safe haven trade back to the mid 143 level:
Australian stocks were the best relative performers again with the ASX200 closing some 0.3% lower at 8542 points while the Australian dollar has dropped sharply below the 65 handle on the Iranian war:
S&P and Eurostoxx futures are down sharply with the S&P500 four hourly chart previously showing a desire to push above the recent highs at the 6000 point level but short term momentum has reversed right into oversold mode:
The economic calendar finishes the week with European trade figures then the closely watched Michigan consumer sentiment surveys in the US.
Plus a little man playing with his tankie toys, probably in the rain.
