Renewed concerns on a China slowdown took to Asian markets overnight, sending the Nikkei 2.6% lower. The price of gold surged as investors took to the precious metal in search of safe heaven assets whilst Copper traded near its lowest level since 2010. European futures are indicating a lower open on thin volume. With a light economic diary ahead of us, volumes are likely to remain subdued.
The yen traded higher for a fourth day in a row as investors took to the currency following the standoff over Ukraine’s Crimean peninsula. According to Ukraine’s acting president, Oleksandr Turchynov, Russia’s leaders are refusing all negotiations with their Ukrainian counterparts.
WTI and Brent crude futures fell for a third day, the longest losing streak in two months following the worse than expected data in China which could reduce the demand for crude. Crude oil inventories later today are expected to show that inventories rose in the US, the world biggest oil consumer.