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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.
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Equity Brief Asian stocks remain resilient with SP 500 Emini breaking above 3000

Article By: ,  Financial Analyst
July 12, 2019 2:17 AM

Stock market snapshot as of [12/07/2019 0415 GMT]


  • Ahead of the European opening session, most Asian stocks have recorded modest gains as at today’s Asian mid-session in a positive follow through where the U.S. S&P 500 has managed to close higher overnight at 2999 after it probed the 3000 psychological level again in yesterday’s 11 Jul U.S. session at the opening hour.
  • The top performer for the Asian stock markets is China A50 which has rallied by 0.84% while we wait for the release of China Jun trade data out at 0700 GMT where consensus is set at a -2% y/y decline in exports and 8.3% y/y gain in imports with a trade balance at US$44.65 billion.
  • Singapore Q2 GDP flash estimates came in worse than expected where it contracted on a quarterly basis (-3.4% q/q versus 0.1% q/q consensus). Annualised growth came in at 0.1%y/y, also below consensus of 1.1% y/y. The quarterly contraction of -3.4% q/q is the biggest contraction seen in 7 years. The Singapore stock market has shrugged off this negative economic data release and the benchmark Straits Time Index (STI) has remained resilient with a gain of 0.33% above the key medium-term support of 3320. Therefore, market participants are now expecting the Singapore central bank, MAS to adopt an easing policy in the next Oct policy announcement.
  • The S&P E-mini futures has broken above the 3000/3006 psychological/minor range resistance in place since 10 Jul as it rallied by 0.34% to print a current intraday high of 3012 in today’s Asian session. We had reiterated earlier in our previous reports; the medium-term uptrend of the S&P 500 remains intact with a further potential up move ahead to target the next significant medium-term resistance at 3045.
  • European stock indices CFD futures are showing modest gains with the FTSE 100 and German DAX up by around 0.30%. We are now getting a bit cautious on the medium-term bullish outlook for the German DAX as it has closed lower by 5 consecutive days since last Fri, 05 Jul. For this week, it has declined by -1.67% which underperformed the Euro Stoxx 50 that has declined by a lesser magnitude of -0.81%. Thus, the DAX needs to have a weekly close back above 12400 to keep the “bulls alive”.

Macroeconomic Calendar

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




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