It’s been a relatively quiet session
for Asian equity markets with traders struggling to find much meaningful
direction. After yesterday’s market holiday in Shanghai, the Hong Kong exchange
has been closed today, leaving many traders playing something of a waiting game
ahead of fresh data out of Beijing. We’re going to see new Yuan loan numbers
out tonight followed by CPI readings later in the week and with concern
building that signs of a slowdown may be imminent, anything that serves to
exacerbate these fears could result in a bout of selling. The Nikkei is edging
higher once again but much of this appears to be driven by ongoing dollar
strength – USD/JPY came close to 106.40 overnight.
Major indices on Wall Street are
currently forecast to start the day little changed and again there’s not much
in the way of fresh economic data that has the potential to deliver any
meaningful direction here. The geopolitical situation seems eerily calm and the
point many seem to be focusing on is the launch of the latest iPhone, so ahead
of the open we’re calling the DOW down 4 at 17107 and the S&P down 1 at
2001.
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