Asian Stock Market: Turns volatile on downbeat PMI data, oil rallies above $90.00


  • Asian indices have declined on downbeat performance from the Asia-Pacific region on the PMI front.
  • Advancing oil prices after OPEC signaled production cuts had dampened the market mood.
  • Focus has shifted to US PMI data now which will provide more clarity to investors for further direction.

Markets in the Asian domain are displaying a cautious approach after the release of the downbeat Purchasing Managers Index (PMI) data in the Asia-Pacific region. PMI numbers for Japan and Australia are out and have remained downbeat and now investors are awaiting the release of the US PMI data.

At the press time, Japan’s Nikkei225 tumbled 1.19%, China A50 eased 0.37%, and Hong Kong surrendered 0.64%. Indian indices opened in the negative territory but have recovered firmly and have turned positive.

Japan’s Jibun Bank Manufacturing PMI has landed at 51, lower than the expectations and the prior release of 51.8 and 52.1, respectively. Also, Services PMI remained vulnerable at 49.2 from the consensus of 50.7 and the former figure of 50.3. In the Asia-Pacific region, Australia’s Manufacturing PMI slipped sharply to 54.5 from the expectations of 57.3 and the prior release of 55.7. While the Services PMI data landed lower to 49.6 against the estimates of 54 and the former release of 50.9.

The downbeat performances by the weighing Asia-Pacific nations on the PMI front have dampened the sentiments of the market participants.  

Apart from that, a firmer recovery in oil prices has also dampened the market mood. Oil prices have rebounded sharply after OPEC signaled production cuts to offset the recent decline. It is worth noting that the oil prices fell around 33% from their yearly high of $127.00, recorded in March.

In the future, investors will focus on the PMI numbers from the mighty US. The S&P Global Manufacturing PMI is expected to land at 51.5, lower than the prior print of 52.2. However, the Services PMI could improve meaningfully to 49.1 vs. the former figure of 47.3.

Nikkei 225

Overview
Today last price 28489.89
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 28489.89
 
Trends
Daily SMA20 28198.58
Daily SMA50 27257.37
Daily SMA100 27123.02
Daily SMA200 27464.58
 
Levels
Previous Daily High 28823.24
Previous Daily Low 28453.57
Previous Weekly High 29245.74
Previous Weekly Low 28647.64
Previous Monthly High 28084.42
Previous Monthly Low 25801.44
Daily Fibonacci 38.2% 28594.78
Daily Fibonacci 61.8% 28682.03
Daily Pivot Point S1 28354.56
Daily Pivot Point S2 28219.23
Daily Pivot Point S3 27984.89
Daily Pivot Point R1 28724.23
Daily Pivot Point R2 28958.57
Daily Pivot Point R3 29093.9

 

 

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