CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Equity Brief Asian Stocks Dropped Towards Key Medium Term Supports

Article By: ,  Financial Analyst
July 9, 2019 2:38 AM

Stock market snapshot as of [09/07/2019 0430 GMT]


  • Ahead of the European opening session, Asian stock markets have continued to see profit taking activities for the 2nd consecutive day ahead of Fed Chair Powell’s testimony to Congress on monetary policy and the state of the U.S. economy this coming Wed and Thurs.
  • The magnitude of decline seen in the key Asian benchmark stock indices as at today’s Asian mid-session is lesser versus yesterday’s decline that came in between a range of -1.00% to -2.00%. Interestingly, the previous worse performer, the Kospi 200 has started to stabilize where losses seen so far in the past three days have been attributed to the on-going trade spate over Japan’s exports curbs towards South Korean’s key semiconductor industry.
  • From a technical analysis perspective, the recent decline of Kospi 200 from its 01 Jul high of 279.68 has almost met the 61.8% Fibonacci retracement of the previous entire up move from 29 May low to 01 Jul at 267.62. If the Kospi 200 can managed to stage a rebound above 267.62, a potential recovery can materialise.
  • Latest news flow has indicated that the Japanese government is opened to talks with South Korea over the export curbs but Japan Trade Minister Seko has reiterated that it has no intention of withdrawing the measures put in place last week on the three specialist materials exports.
  • The S&P 500 E-mini futures has continued to decline by -0.47% from yesterday, 08 Jul U.S. session close to print a current Asian session intraday low of 2965 which also confluences closely with a Fibonacci cluster support at 2960.
  • European stock indices CFD futures are in the red as well where the FTSE 100 has dropped modestly by -0.17% and a more pronounced decline of -0.54% is seen in the German DAX.
  • No key European and U.K economic data releases for today. The main focus will be on Fed Chair Powell’s speech at the Boston Fed conference later at 1245 GMT. It is possible that he could drop a hit on Fed’s current monetary policy stance in the upcoming FOMC’s decision on 31 Jul.  
Corporate Highlights

Macroeconomic Calendar

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


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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024