Asia Markets sold off today

Asia Markets sold off today

Markets in Asia sold off today in line with declines in the US and Europe. There are few data points to focus on and there is certainly little sign of a Santa rally. “Another low liquidity day, as various idiosyncratic storylines play out,” said Stephen Innes, head of trading APAC at online multi-asset trader OANDA in Singapore. Commodity weakness saw the ASX trade down around 0.50%, dragged lower by the big miners. The Reserve Bank of Australia yesterday left interest rates at a record low. “The low level of interest rates is continuing to support the Australian economy,” said governor Philip Lowe, as Q3 GDP figures came in lower than expected. The Nikkei was unimpressed by a strengthening yen and in early afternoon trading was off by more than 1.70%. And a decline in tech stocks put pressure on the Shanghai Composite and the Hang Seng which were lower by 0.60% and 1.25% respectively. The CME Fedwatch tool has the probability of a rate hike at next week’s Federal Reserve meeting at more than 90%, so attention will be on rates for next year.

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes