Asian stock markets are translating overnight setbacks to relative pullbacks as the possible peace in Ukraine evaporates. The USD is mixed with Yen hovering on its overnight lows, while Euro is still lifting after its overnight gains. Oil prices are pulling back again, with Brent crude returning to its weekly low at just above the $106USD per barrel level while gold has continues its overnight dead cat bounce, currently just above the $1920USD per ounce level and looking weak here:
Mainland Chinese shares are drifting lower going into the afternoon session, with the Shanghai Composite currently down 0.5% to 3250 points while the Hang Seng Index has pulled back again, falling nearly 1% to be just above the 22000 point level. Japanese stock markets are still in retreat with the Nikkei 225 down 0.5% to 27890 points while the USDJPY pair has holding at its overnight lows just above the 122 handle as its retracement is not yet over:
Australian stocks were the relative winner in the region with the ASX200 closing 0.2% lower to just retrace below the 7500 point level. Meanwhile the Australian dollar has rolled over slightly in the afternoon session to be just below the 75 level after again failing to clear resistance overhead overnight, with momentum inverting in the short term:
Eurostoxx and Wall Street futures are drifting going into the London session as traders await tomorrow night’s NFP print, with the S&P500 four hourly chart holding here just at the 4600 point level. This is likely a pause before another leg higher, but watch oil prices as the catalyst here:
The economic calendar includes two big prints tonight, namely German inflation and US PCE core index results.