Chris Becker

A paradoxically unvolatile session overnight as Wall Street bounced back on a surprise downside print in US inflation while the ECB and BOE held fire on interest rate rises all of which barely moved currency markets.

A sea of red across Asian share markets in response to a selloff on Wall Street overnight although the falls are relatively minor locally as its mainly been tech stocks affected.

Wall Street accelerated its recent falls with tech stocks again leading the way as risk markets absorbed the implications of a four year high in US unemployment while paradoxically the USD rose slightly even as Fed officials admitted the soft labour market will require more rate cuts in 2026.

Silver goes ga ga while oil prices remain in a slump despite the new trade blockade against Venezuela announced by the Trump regime as most Asian share markets are beginning to bounce back from a rough start to the trading week.

Overnight we saw the release of both the October and November US jobs reports which at first glance looked nominal but in reality show a worsening employment situations as jobs growth slows even as immigration goes into nearly reverse.

Wall Street was almost unphased overnight by the dual NFP release as US unemployment jumped to a four year high, triggering a rally in US bonds, while the latest UK unemployment figures weren’t rosy either with speculation the BOE may move to easing its rates this week.

A sea of red across Asian share markets with the rough start to the trading week continuing as a wider risk off tone deepens, all mainly due to tech stock volatility.

Another selloff on Wall Street overnight was balanced by a strong bid across European stocks as risk markets continue to dance around the lower volatility trading period before Christmas.

Asian share markets are having a rough start to the trading week as the combination of lower trading volumes heading into the end of the calendar year combined with a lot of movement expected around central bank meetings this week increase volatility across the complex.