Asian stock markets are selling off sharply as risk appetites dry up going into the last session of the trading week as recession fears gained as inflation remains unquelled.
The USD is gaining against most of the majors including Pound Sterling this time around as the Australian dollar falls sharply below the 67 cent level.
Oil prices are falling back again with Brent crude falling below the $74USD per barrel level while gold is still struggling after a series of low sessions, barely holding here just above the $1900USD per ounce level:
Mainland Chinese share markets were closed while the Hang Seng Index played catchup after being closed for a holiday, slumping more than 1.8% to the 18875 point level.
Japanese stock markets continue to selloff with the Nikkei 225 closing nearly 1.3% lower to 32781 points with the USDJPY pair pushes even higher above the 143 level:
Australian stocks had another pullback with the ASX200 closing nearly 1.3% lower at 7099 points. The Australian dollar did even worse by flopping below the 67 handle for a new two week low as short term momentum reverts sharply:
Eurostoxx and S&P futures are flat as we head into the London open with the S&P500 four hourly chart holding fast at ATR support at the 4400 point level where this is looking ominous as short term momentum goes oversold:
The economic calendar finishes the week with a series of flash manufacturing/services PMI prints across Europe and the US.