Its a sea of red across Asian share markets as margin calls from the precious metal collapse cause equities to fall over although there was a fair amount of regional data that added to the volatility, including poor Chinese PMI prints and weird moves on Korean markets. The USD remains on a tear against the once dominating undollars as markets rebound from recent anti-American sentiment with the Australian dollar unable to escape with a fall down towards the 69 handle.
Brent crude has reversed course after breaking out above the $68USD per barrel level with a drop down to the $65 level while gold has lost nearly $1000USD per ounce as it drops back to the $4660 level, taking Bitcoin and Silver with it:
Mainland Chinese share markets are falling sharply in the afternoon session with the Shanghai Composite down more than 1.6% to almost break below the 4000 point level while the Hang Seng Index is down at least 3% to the mid 26000 point level. Japanese stock markets are back in the negative zone with the Nikkei 225 down over 1% to break the 53000 point level while Yen is weakening again as the USDPY pair almost breaks above the 155 level:
Australian stocks couldn’t escape the selloff across the region with the ASX200 closing 1% lower to 8778 points while the Australian dollar is continuing its reversal to the low 69 cent level as we await the RBA meeting tomorrow:
S&P futures are going down fast with the S&P500 four hourly chart showing a drawdown below support at the 6900 point level after a clear stall at the recent highs:
The economic calendar is relatively quiet until the latest US ISM manufacturing data later tonight.