Asian Equity Market Handover Bearish Reality Sets In

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By :  ,  Financial Analyst

Stock market snapshot as of [23/5/2019 0633 GMT]

  • Asian stock markets have started to face the grim reality that the on-going trade tensions between U.S. and China are likely to persist in the near to medium-term despite a positive overnight news flow that highlighted a speech from U.S. Treasury Secretary Mnuchin that Trump and Xi may meet at the end of June on the side-lines of the G20 meeting.  
  • All highlighted Asian benchmark stock indices are in the red as seen in today’s Asian mid-session after 3-days of rebound/consolidation that has taken place since Monday, 20 May. In addition, the USD/CNH (offshore Yuan) has continued to inch upwards above its 6.9160 key short-term support and look to retest the minor range resistance of 6.9490 in place since 20 May. A further up move in USD/CNH tends to support a risk-off scenario for stocks.
  • European stock indices CFD futures are trading in the red as well where the FTST 100 and German DAX has recorded losses of -0.57% and -0.70% respectively.

Corporate Highlights (U.K.)

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

Related tags: Indices

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