Asian Stock Market: Shanghai soars ahead of key Chinese data, oil resumes upside

Asian indices are showing mixed performance due to respective events.
Japanese stocks have faced selling pressure after the release of the dovish BoJ minutes.
Chinese equities are demonstrating strength ahead of Trade Balance and inflation data.

Sagar Dua FXStreet

Markets in the Asian domain are showing mixed performance as Nikkei 225 has faced a sell-off while Chinese stocks are sky-rocketing ahead of respective economic events. S&P500 futures are showing some losses in the Asian session amid uncertainty over US President Joe Biden’s meeting with Republicans for US debt ceiling issues. However, US equities were on the seventh cloud on Friday after the release of a modest increment in Nonfarm Payrolls (NFP) data.

At the press time, Japan’s Nikkei225 dropped 0.68%, ChinaA50 jumped 0.90%, Hang Seng climbed 0.92%, and Nifty50 gained 0.74%.

An unimpressive US NFP report has strengthened the expression that the Federal Reserve (Fed) will keep the interest rate policy steady in its June monetary policy meeting.

Japanese stocks have faced selling pressure despite the upbeat market mood. Nikkei 225 has failed to ride along with broader strength amid the release of the Bank of Japan (BoJ) minutes of April’s monetary policy meeting. BoJ members supported the continuation of policy easing in order to achieve steady inflation. While discussing an exit from the ultra-dovish policy, BoJ members conveyed that the central bank should consider the weight of risk associated with the policy shift stance before consideration.

Meanwhile, Chinese stocks are showing strength ahead of Trade Balance and Consumer Price Index (CPI) data. Annual exports are expected to decline as Western nations are supporting the China+1 policy. Financial Times reported that the European Union is planning sanctions on Chinese firms for supporting Russia's war on Ukraine

On the oil front, oil prices are eyeing a fresh rally above the immediate resistance of $71.80 on hopes that the Federal Reserve (Fed) will also pause its policy-tightening spell to avoid further damage to US economic outlook.

Nikkei 225

Overview
Today last price	29091.71
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	29091.71

Trends
Daily SMA20	28565.24
Daily SMA50	28041.01
Daily SMA100	27457.83
Daily SMA200	27580.73

Levels
Previous Daily High	29131.88
Previous Daily Low	28621.92
Previous Weekly High	29284.92
Previous Weekly Low	28544.43
Previous Monthly High	29058.52
Previous Monthly Low	27562.51
Daily Fibonacci 38.2%	28937.08
Daily Fibonacci 61.8%	28816.72
Daily Pivot Point S1	28765.13
Daily Pivot Point S2	28438.54
Daily Pivot Point S3	28255.17
Daily Pivot Point R1	29275.09
Daily Pivot Point R2	29458.46
Daily Pivot Point R3	29785.05

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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