 Despite the deep selloff in US stocks overnight, Asian markets are rather calm. Sentiments are somewhat lifted as China pledged to provide more stimulus, in particular to private and small companies. At the time of writing, Yen is trading as the weakest one for today, continuing to pare back the "flash crash gains". But it's followed by New Zealand Dollar and then Euro as the next weakest. On the other hand, Australian Dollar is the strongest one, followed by Canadian and then Dollar. For the week, Yen is overwhelmingly the strongest one. Canadian Dollar followed as second strongest as it wasn't at the center of the flash crash storm. Loonie was also lifted by rebound in oil prices. Dollar is the third strongest. European majors, rather than Aussie, are indeed weakest for the week. Sterling leads the way down on Brexit worries, followed by Euro. In other markets, DOW closed down -660.02 pts or -2.83% at 22686.232. But it's kept well above key near term support at 22267.42. Thus, recent corrective rebound from 21712.53 low might still extend. S&P 500 dropped -2.48% while NASDAQ dropped -3.04%. Treasury yields suffered another day of deep decline with 10-year yield down -0.107 to 2.554. 30-year yield dropped -0.082 to 2.900. Two year yield dropped to 2.42%, back within Fed's target range of 2.25-2.50% for the first time since 2008. In Asia, Nikkei closed down -2.26% to 19561.96, catching up others as it's back from holiday. Hong Kong HSI is up 1.34%. China Shanghai SSE is up 1.34%. Singapore Strait Times is up 1.13%. |
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