Pre-Asia Session Brief | Thursday 23 April 2026 | 22:30 London / 06:30 Tokyo (Fri) / 07:30 Sydney (Fri)
Thursday was a reality check. The S&P 500 (SPY) dipped 0.39% to $708.45, the Nasdaq 100 (QQQ) fell 0.56% to $651.42, and the VIX climbed back above 19. Microsoft dropped nearly 4%, Tesla fell 3.56%, and Meta shed 2.31%. None of this was unexpected after Wednesday’s 1.67% Nasdaq rally, but the speed of the MSFT reversal caught the market off guard. Asia opens into a mixed picture: the trend is still higher, but the short-term momentum has stalled.
The wildcard is oil. Crude surged 4.64% to $97.27, its biggest daily move this week and now within striking distance of $100. If oil breaks triple digits overnight, it changes the inflation conversation and puts pressure on rate-sensitive assets. Watch Brent crude in Asian trading for confirmation.
Asia Session Setup
Nikkei 225: Wall Street’s pullback was mild, so the Nikkei should open flat to slightly lower. The yen remains weak, which supports Japanese exporters. Watch for any reaction to the oil move. Japan imports nearly all its crude. If oil holds above $95, the Nikkei faces a headwind it did not have yesterday.
ASX 200: Mining stocks face a mixed signal. Gold and silver pulled back, which hurts the miners, but copper held relatively well. Energy names should benefit from the crude surge. Net effect: roughly flat, possibly slightly positive on the oil-heavy weighting.
Hang Seng: The MSFT and Meta sell-off may spill into Hong Kong tech names sympathetically. Watch Tencent and Alibaba for any contagion from the US earnings reaction.
FX: Dollar firmed modestly with EUR/USD at 1.1696 (-0.41%) and GBP/USD at 1.3466 (-0.32%). Not dramatic, but the direction favours the dollar for the second day running. USD/JPY remains in the danger zone near BOJ intervention levels. The yen is the pair to avoid.
Overnight Approach
Earnings continue to filter through. Visa, Intel, and T-Mobile reported after the US close. Their after-hours reactions will set Friday’s opening tone. If the reports are solid, Thursday was just profit-taking. If they disappoint, the selling extends and Friday becomes a defensive session.
The Pre-London brief tomorrow will have the full overnight picture, earnings reactions, and updated levels for the Friday session.
This is analysis, not financial advice. Always manage your risk.
