Here's your snapshot of the Asian market session

It’s been a crazy day in Asia. An RBA rate cut, surging Aussie Dollar and one of the largest sell offs in Chinese stocks this year.

Here’s the scoreboard.

Asia markets
Nikkei 225 19,531.63, 0.06%
Shanghai Composite 4,298.37, -4.06%
Hang Seng 27,679.00, -1.58%
S&P/ASX 200 5,826.50, -0.02%

Global equity futures
S&P 500 2,105.15, -0.19%
DAX 11,571.80, -0.7%
FTSE 100 6,980.30, -0.34%

Chinese stocks, having been on an epic run since the beginning of the year, have been hit hard today with twin concerns surrounding tougher margin requirements from brokers and liquidity concerns before a raft of IPO offerings in the week ahead sending the Shanghai Composite lower by more than 4%. Unsurprisingly given the correlation between the two for large parts of 2015, Hong Kong’s Hang Seng, late in trade, is also down by 1.6%.

US and European stock futures, reflecting the moves in China, are lower by between 0.2 to 0.4%.

China aside, the other index to steal the limelight today was Australia’s ASX 200. Having been up more than 1% earlier in the session on a strong profit result from ANZ and hopes for a further interest rate cut from the RBA, the index fell back to flat, then rallied following the RBA’s decision to cut interest rates – before slumping again on news that it may well be the last.

On the currency front the Australian dollar dominated proceedings with the currency falling sharply following the RBA rate cut only to rally hard seconds later on news the bank had dropped it’s easing bias. Elsewhere, on the other side of the ledger, the Euro fell broadly against most major pairs.

Looking ahead markets will receive ISM non-manufacturing PMI, international trade and API crude stockpiles from the US, Eurozone PPI along with construction PMI from the UK.

Forex scoreboard

EUR/USD 1.1102, -0.39%
EUR/GBP 0.7347, -0.31%
EUR/CHF 1.0396, -0.12%
EUR/JPY 133.35, -0.4%
USD/JPY 120.12, -0.01%
USD/CHF 0.9364, 0.29%
GBP/USD 1.5112, -0.05%
AUD/USD 0.7873, 0.46%

Commodities scoreboard

Gold Futures $1,188.70, 0.16%
Brent Oil Futures $66.33, -0.18%

Government 10-year bond yields
Japan 0.367%, 0.82%
U.S. 2.133%, -0.002%
Germany 0.435%, -0.018%
UK 1.88%, 0.036%
Australia 2.777%, -0.044%

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