Asian share markets are trading quite lower across the board as risk aversion continues amid renewed focus on the Middle East with more safe haven buying in USD. The Australian dollar dropped further despite a fall in local unemployment and the possibility of a rate rise in November, as it returns to the 63 cent level..
Oil prices are holding on to their recent breakout gains, with Brent crude consolidating above the $91USD per barrel level while gold gave back a tiny amount of its outsized gains, currently trading just below the $1950USD per ounce level at a new monthly high:
Mainland Chinese share markets have dropped back sharply with the Shanghai Composite down 1.4% going into the close at 3019 points while in Hong Kong the Hang Seng Index is in a similar boat, off by 1.9% to 17391 points. Japanese stock markets are facing similar falls in a wide risk off move with the Nikkei 225 closing nearly 1.7% lower at 31511 points. Trading in the USDJPY was somewhat muted but still holding just below the 150 level:
Australian stocks were unable to escape the selling with the ASX200 closing 1.3% lower at 6981 points, finally cracking through support at 7000 while the Australian dollar fell back to the 63 handle proper, almost making a new weekly low in the process:
S&P and Eurostoxx futures are both dropping going into the London open as the S&P500 four hourly chart shows support crumbling at the 4340 point level as short term momentum goes very negative:
The economic calendar continues with the latest US initial jobless claims, then an important speech by US Fed Chair Powell.