Market News & Analysis
Asian Equity Market Handover: Recent Sell Off Taking A Breather
Kelvin Wong May 15, 2019 12:58 PM
Stock market snapshot as of [15/5/2019 0442 GMT]
- The recent sell-off seen in Asian stock markets triggered by an escalation of trade tension between U.S and China has taken a breather where most benchmark indices are showing gains in today’s Asian mid-session after taking the cue from a positive close seen in US. stock market where the S&P 500 rallied by 0.80%.
- The China, Hong Kong and Australian stock markets are the best performers so far after a weaker than expected key China economic data ignites hopes of further stimulus measures from the Chinese government. Retail sales for April came in at 7.2% y/y versus consensus of 8.6% and industrial production for April grew at 5.4% y/y versus 6.5% y/y consensus.
- Despite the current positive performance seen in the global stock markets, the medium-term/multi-week downtrend remains intact from a technical analysis perspective and the on-going rebound is likely to be corrective aka “dead-cat bounce” in nature. Click here & here for our latest weekly technical outlook reports.
- European stock indices CFD futures are showing modest gains with the FTSE 100 and German DAX up by 0.30% and 0.07% respectively.
Corporate Highlights (U.K & Europe)
NTS: no time specific
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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