Market News & Analysis
Asian Equity Market Handover: No Clear Signs Of Bearish Reversal
Kelvin Wong May 24, 2019 6:37 AM
Stock market snapshot as of [24/5/2019 0502 GMT]
- Most Asian stock markets have continued to trade lower as at today’s Asian mid-session despite a 0.4% rebound seen in the S&P 500 e-mini futures to print a current intraday high of 2829 in today’s Asian session after a -1.19% decline seen in the overnight U.S. session to bring it close to last week’s swing low of 2801.
- U.S. President Trump stated that there is a “good possibility” Washington will reach an agreement with Beijing to end the on-going escalating trade conflict and the recent blacklisted Chinese telecom and technology firm, Huawei can be included in a trade deal.
- The latest “smoothing” remark from President Trump could be the catalyst for the on-going bounce seen in the China A50 and Hang Seng Index but despite its current gains, both indices are on track for a third week of consecutive losses.
- Key European stock indices CFD futures are also displaying modest gains after yesterday’s cash market losses of -1.5% to -1.8%. Both FTST 100 and German DAX are up by 0.28% and 0.50% respectively.
- There are no earnings releases on major UK or European firms for today and key economic data to focus in the European session will be UK retail sales for April out later at 0830 GMT.
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.