Whereas Asian shares have been capped amid ongoing fears of enfeebled global growth, stronger than expected US job data growth has propelled Japanese equities to a near five-year high. European stock markets incited the Asian cap, with financial spreadbetters anticipating London’s FTSE 100, Paris’s CAC-40 and Frankfurt’s DAX to open down as much as 0.3 percent. Tetsu Emori, commodities sales manager at Astmax Investments in Tokyo reported that: “The current fundamentals are very weak, with China slowing down and with US demand not so strong.” US futures were down a comparatively softer 0.1 percent, after the S&P 500 Index closed at overnight record highs. “There is some profit-taking coming in after the sharp rise in prices we saw in the recent days,” said Emori. The boost to riskier assets herein signaling a sizeable return to profit taking, outlining a severe lack of confidence in broader economic prospects. The predominant focus for Asian currency markets was the Reserve Bank of Australia’s policy meeting; a case in which the bank lowered its cash rate by 25 percent basis points, amounting to a record slump of 2.75 percent. Markets had previously priced in a 50-50 chance of a rate cut, resulting in the Australian dollar having fallen to a two-month low of $1.0810; a figure to have somewhat aided Australian shares in offsetting earlier losses. The ECB moreover contributed to the moderately positive outlook, stating that it was prepared to cut rates again if necessary. “I think the markets are going to continue […]