Asian equities are not doing well as markets start agitate over AI amid tonight’s looming US jobs report with the recent strength in the USD about to be tested. Continued volatility over trade wars amid the challenge to the Trump regime’s tariffs in the US Supreme Court are not helping either. The Australian dollar remains on the ropes, unable to get back above the 65 cent level all week.
Oil markets are still in retreat with Brent crude dropping down to the $63USD per barrel level while gold is trying to stabilise and get back to its start of week position just below the $4000USD per ounce level:
Mainland Chinese share markets are unsteady going into the close with the Shanghai Composite down 0.2% to remain around the 4000 point barrier while the Hang Seng Index is off at least 1% lower, currently at 26184 points. Japanese stock markets are performing the worst in the region with the Nikkei 225 down at least 2% to crack below the 50000 point level with the USDPY pair pushed down to the 153 handle:
Australian stocks were the best performers in the region with only a mild selloff, with the ASX200 closing 0.7% lower at 8758 points while the Australian dollar has failed to bounce back from its overnight falls, hovering just above the 64 cent level against USD:
S&P and Eurostoxx futures are drifting lower and look weak going into the London session with the S&P500 four hourly chart showing the market unable to stabilise around the 6800 point level:
The economic calendar concludes the trading week with the big one – US non farm payrolls aka unemployment for October.