Market watchers pivoted on Japanese and Australian central bank words and actions today while some Federal Reserve members went dovish with calls for an actual rate cut in the upcoming December meeting as the US economy shows more signs of weakness (not that we would know given the NFP result hasn’t been printed for two months!) Stocks across Asia sold off strongly, especially in Japan while Bitcoin is having a bath in blood alongside other undollars with gold threatening to go below $4000USD per ounce.
Oil markets are steady but still looking very weak amid the risk off mood with Brent crude remaining just below the $64USD per barrel level while gold is losing steam again, almost below the $4000USD per ounce level:
Mainland Chinese share markets fell back into the close with the Shanghai Composite down 0.6% to 3946 points while the Hang Seng Index is down more than 1.6%, currently at 25944 points. Japanese stock markets had the biggest selloff however with the Nikkei 225 down nearly 3% to well and truly retreat below the 50000 point level, currently at 48887 points while the USDPY pair has stabilised just above the 155 handle as it went too high too fast from last week:
Australian stocks had a bad session as well with the ASX200 closing nearly 2% lower at 8469 points while the Australian dollar has dipped lower at first but has bounced back to just below the 65 cent level against USD:
S&P and Eurostoxx futures are trying to stabilise at the previous weekly low but look weak going into the London session with the S&P500 four hourly chart showing the market well below previous support at the 6800 point level:
The economic calendar includes some US trade data plus the latest factory orders print, plus note that the September NFP data is coming out on Thursday night.