Volatility in equity markets is ramping up after another round of Trump tariff nonsense against China while a miss or two amongst US tech stocks is not helping risk sentiment with S&P and Eurostoxx futures sharply down going into tonight’s session. The latest Chinese GDP figures helped stabilised mainland markets however moves are afoot in currency land as the sentiment against USD grows as the Australian dollar pushed above the mid 63 cent level this afternoon.
Oil markets are still trying hard to stabilise with Brent crude about to fall to the $64USD per barrel level while gold is zooming higher on the USD run after a short pause from breaking through the $3200USD per ounce level, now threatening a new record high at $3300:
Mainland Chinese share markets were slightly lower going into afternoon trade but have recovered with the Shanghai Composite still above the 3200 point level while the Hang Seng Index has been slammed back some 2% lower to 20954 points. Japanese stock markets are also slipping with the Nikkei 225 down over 1% to 33920 points while the USDPY pair is failing to stabilise as it continues to fall below the 143 level:
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Australian shares have managed one other very staid session with the ASX200 barely transferring at 7758 factors whereas the Australian greenback is holding above the 63 deal with regardless of the RBA signalling doubtlessly additional cuts coming alongside because the run on USD continues to this point:
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S&P and Eurostoxx futures are shedding floor swiftly as we head into the London session with the S&P500 4 hourly chart displaying a rollover section after rejecting the 5500 stage:
The financial calendar continues with UK and European inflation figures, then US retail gross sales and the newest Financial institution of Canada assembly.
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