- Asian indices have revived significantly amid weaker DXY.
- China’s manufacturing activities unexpectedly escalated in August.
- Oil prices are expected to display a reversal as the correction period seems over.
Markets in the Asian domain have recovered a majority of their losses as overnight S&P500 futures have turned positive after a third consecutive decline on Tuesday. Asian equities are also responding to their respective economic data as Japan's Retail Trade data and China’s PMI have been released. Also, the US dollar index (DXY) is displaying a subdued performance ahead of US Automatic Data Processing (ADP) Employment Change data.
At the press time, Japan’s Nikkei225 0.52%, Hang Seng surrendered 0.46%, however, China A50 added 0.26%. Indian indices are closed on account of Ganesh Chaturthi.
After a gap-down opening, Japanese equities have recovered a majority of their losses amid upbeat Retail Trade data. Retail Trade data have improved to 2.4%, higher than the expectations of 1.9% and the prior release of 1.5% on an annual basis. Also, the monthly economic data has advanced to 0.8%. Meanwhile, the Industrial Production data has landed higher at 1.8% than the expectations and the former release of -2.6% and -2.8% respectively.
Meanwhile, the world’s second-largest economy, China is trading positive after firmer official manufacturing data. China’s NBS Manufacturing PMI has landed at 49.4, higher than the estimates of 49.2 and the prior release of 49.0. Also, the Non-Manufacturing data has released higher at 52.6 vs. the consensus of 52.2 but remained higher than the prior release of 53.8.
Losses in US tech stocks on Tuesday forced a third consecutive decline in Wall Street. As per the consensus, the US ADP is expected to report job additions by 200k, against 528k job additions reported in July. Investors believe that a halt in the recruitment process by various tech giants is responsible for a decline in additional jobs forecast. Also, it indicates a slowdown in the US economy.
On the oil front, oil prices have corrected to near $92.00 after a firmer rally. As demand is expected to remain downbeat amid the consequences of restrictive monetary policy by western central banks, investors are focusing more on production cuts announced by OPEC to fix the price imbalance. The oil prices are expected to revive firmly ahead.
|Today last price||27925.31|
|Today Daily Change||0.00|
|Today Daily Change %||0.00|
|Today daily open||27925.31|
|Previous Daily High||28352.52|
|Previous Daily Low||27856.3|
|Previous Weekly High||28823.24|
|Previous Weekly Low||28240.3|
|Previous Monthly High||28084.42|
|Previous Monthly Low||25801.44|
|Daily Fibonacci 38.2%||28045.86|
|Daily Fibonacci 61.8%||28162.96|
|Daily Pivot Point S1||27736.9|
|Daily Pivot Point S2||27548.49|
|Daily Pivot Point S3||27240.68|
|Daily Pivot Point R1||28233.12|
|Daily Pivot Point R2||28540.93|
|Daily Pivot Point R3||28729.34|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.