Overnight data showing a healthy US economy wasn’t enough to lift share prices. Interest rate markets moved to reflect a near certain rate hike from the Fed in June but investors remained unimpressed. A further slide in oil prices underpinned concerns about valuations and the global outlook.

The Fed’s beige book report showed all 12 Fed districts in good economic order. Despite the apparent health the USD weakened against most currencies. The pressure on both currency and stocks is possibly a result of markets getting ahead of the economy, and further corrective action may be required to bring them back into line.

The Asia Pacific session is peppered with important releases. The Caixin manufacturing PMI in China will be influential, especially if it confirms the brighter picture painted by official PMI’s earlier this week. In Australia muted expectations around retail sales and capital expenditure and a stronger technical picture could mean share market risk is skewed to the upside today.