It was all about tariffs again today in the minds of risk markets but Asian shares have all broadly advanced except the ASX200 which put in a scratch session. More rate cut speculation builds as the US Federal Reserve has to weigh up increasing inflation against further jobs losses as the USD continues to lose ground in anticipation. The Australian dollar is looking firmer, now breaking above the 65 cent level in afternoon trade.
Oil markets are still selling off with Brent crude now well below the $68USD per barrel level while gold has been able to hold onto its Friday night reversal gains, and looks set to breakout here as resistance at the $3385USD per ounce level is starting to crack:

Mainland Chinese share markets are up slightly going into the close with the Shanghai Composite remaining above the 3600 point level while the Hang Seng Index has put on more than 0.6% to extend above 25000 points. Japanese stock markets are doing better with the Nikkei 225 closing 0.5% higher at 41023 points while the USDPY pair has failed to hold on to its recent high as it rolls below the 147 level this afternoon:

Australian stocks were the worst in the region this time, with the ASX200 closing just 0.1% lower at 8831 points while the Australian dollar has continued its breakthrough the 65 cent level against USD:

S&P and Eurostoxx futures are up at least 0.5% going into the London session with the S&P500 four hourly chart showing the market still rebounding from its extremely oversold position after Friday night’s rout so watch for a continued rally here on hopium:

The economic calendar continues tonight with the latest BOE meeting and then the new initial jobless claims print*.
*which may or may not reflect reality or some version of alternative facts, depending on the mood of the Orange House from day to day…