Equity Brief Asian stocks holding above support despite Trump's tariffs threat

A summary of the stock market trends & highlights from today's Asian mid-session

Stock market snapshot as of [17/07/2019 0500 GMT]

  • Ahead of the European opening session, most Asian stock markets are trading in red after market participants digested U.S. President Trump’s remarks made in yesterday, 16 Jul U.S. session on the possibility of imposing additional tariffs on Chinese imports, citing displeasure over China’s failure to kickstart the purchase of  U.S agriculture products.
  • The Australia’s ASX 200 is the outlier and as at today’s Asian mid-session, it has staged a rally of 0.44% after 3-day of consecutive losses led by the telecommunications services and consumer non-cyclicals sectors that have gained by around 0.80%.
  • Singapore exports have continued to decline as it posted a 4th consecutive month of double-digit loss with -17.3% y/y plunge seen in Jun. Modest loss of -0.14% seen in the Singapore’s STI so far with key short-term support holding at 3320.
  • Despite yesterday’s weakness seen in the U.S. stock markets where key indices have declined by -0.34% to -0.50%, the key benchmark S&P 500 is still holding above its significant short-term support at 3005/3000. In today’s Asian session, the S&P 500 E-mini futures is trading near the top of a flat range above yesterday’s U.S. session low of 3004 with a high/low range of 3009 to 3003.
  •  European stock indices CFD futures are trading in the red as well with the FTSE 100 down by -0.26% and the German DAX slide by -0.16%.
  • Key economic data release to watch later will be U.K retail sales and inflation data for Jun out at 0830 GMT.

Corporate Highlights

Macroeconomic Calendar

*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (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.

For further details see our full non-independent research disclaimer and quarterly summary.