The Asia-Pacific indices are recording a bearish session. The Chinese market is down by approximately 1%, Japan’s Nikkei 225 index is losing 0.2%, and futures contracts for Singapore’s SG20cash index are trading 0.5% lower.
The declines on Asian stock markets are driven by the latest sell-off in US markets and worrying economic outlook.
Futures contracts on European indices also point to a lower opening of the cash session. The DAX and UK100 are trading 0.2% lower.
One of the bad performing currencies today is Mexican Peso and Norwegian Krone both losing around 0.2% to USD. On the opposite side is Thai Baht, which is gaining 0.7% to USD after better than expected CPI data. rises 0.35% y/y, just below forecast.
Analysts believe that Indian rupee might be overvalued to USD and that the Reserve Bank of India will continue to intervene in the market to keep the currency in a range.
Singapore retail sales data were below consensus today 1% vs 1.5% expected, with department stores leading the decline.
Markets are now pricing in a 44% chance of the Fed cutting rates by 50 basis points at its Sept. 17-18 meeting, up from 38% a day earlier, which makes deeper cuts more likely than 25 bps. The market is pricing in 110 bps of easing this year.
Bitcoin is losing almost 1.5% today, after completely erasing losses yesterday and is currently trading at 57.149 USD. Ethereum is seeing even greater losses of 2.1% to $2,404.

The Asia-Pacific indices are recording a bearish session. The Chinese market is down by approximately 1%, Japan’s Nikkei 225 index is losing 0.2%, and futures contracts for Singapore’s SG20cash index are trading 0.5% lower.