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Asian Market Update – Friday: Asian markets edge up ahead of US jobs report

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jobs report

The Big Question: How will markets continue to ignore negative headlines and rally?

Major equity markets in Asia edged up in early trading on Friday, tracking persistent gains in US stocks as markets await a jobs report later today.

In Japan, the Nikkei 225 tacked on 0.22 percent to 20,674.75 at midday.

In Hong Kong, the Hang Seng moved up 0.36 percent to 28,480.51 in morning trading after market participants returned from a public holiday on Thursday.

In Australia, the S&P/ASX 200 gained 0.84 percent to 5,699.10 at midday.

Markets on the Chinese mainland and in South Korea remain closed for public holidays.

Friday’s gains in Asian markets followed another day of gains on Wall Street. The S&P 500 posted its first eight-day winning streak in more than four years, while Nasdaq and the Dow also posted big gains.

The wide-spread rally in global markets over the last few days was largely attributed by analysts to a slew of strong economic data released by major economies, including the US and China.

Also, in the US, a highly Wall Street-friendly tax reform plan has gained renewed traction.

In China, economic growth and financial markets are expected to remain steady in the second half of the year ahead of and following a big party meeting in mid-October.

The gains in global markets this week also showed that investors were able to ignore negative headlines, including one of the deadliest shootings in history in Las Vegas.

Today, investors are awaiting a fresh set of data on US jobs for September. Though the US has so far posted strong jobs data, many believe that the September jobs report could take a heavy hit from the two hurricanes that occurred that month.

Main Market Movers – Mid-day Asian Trading Session

Indexes Value at Midday Daily Change
Japan-Nikkei 225 20,674.75 0.22%
Australia-ASX 200 5,699.10 0.84%
Hong Kong – Hang Seng Index 28,480.51 0.36%

Cryptocurrencies

Cryptocurrencies pointed higher with minor gains overnight during the Asian trading session on Friday.

The bitcoin price gained 0.33 percent to $4,315 around midday in Asia. Bitcoin has been consolidating around the $4,300 level since the beginning of the week.

Etherum was nearly unchanged Friday morning, trading at $295 as of midday in Asia. Etherum has shown weak gains in the last few days, trading below $300 since Monday.

The price of litecoin slipped 0.15 percent to $51.66 at midday Friday.

In the news: The central bank in Singapore has taken a new step forward in its effort to incorporate blockchain technology in the financial sector. The Monetary Authority of Singapore revealed new software that would allow for decentralized blockchain settlements in the global interbank market and between central banks. By doing this, Singapore is taking a leading role in finding real-world uses for blockchain technology instead of fighting it, as several other governments do.

Currencies

The Japanese yen lost 0.17 percent against the US dollar at midday Monday to 112.99 per dollar.

The Australian dollar also lost 0.53 percent on the dollar, changing hands at 1.2896 per dollar at midday.

Commodities

WTI Oil was down 0.06 percent to $50.69 per barrel.

Brent Crude was down 0.09 percent to $56.91 per barrel.

Gold lost 0.03 percent to $1,267 an ounce.

Business News across Asia

China-India relations: Bilateral relations between two of Asia’s largest economies have shown signs of renewed tension after news reports emerged that some Chinese citizens have been arrested or detained, while others were denied entry. The Chinese embassy in India has issued at least three warnings for Chinese tourists to India in the past few months.

The bilateral relationship recently improved from a months-long border standoff last month after the two reached peaceful resolution.

Take Away: Rising tension between China and India could hit businesses in both countries and their economies, as well as the huge potential impact of China’s “Belt and Road Initiative” across the region.

Featured image from Flickr.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.3 stars on average, based on 37 rated postsFredrik Vold is an entrepreneur, financial writer, and technical analysis enthusiast. He has been working and traveling in Asia for several years, and is currently based out of Beijing, China. He closely follows stocks, forex and cryptocurrencies, and is always looking for the next great alternative investment opportunity.




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Market Overview

Market Update: U.S. Stocks Surge Ahead of China Trade Talks; Bitcoin Eyes Bullish Reversal

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U.S. stocks surged on Thursday after a senior White House official confirmed that trade talks with China will resume later this month, sparking optimism that the world’s two largest superpowers can resolve a lingering tariff dispute.

Stocks Rebound

All of Wall Street’s major indexes put up firm gains on Thursday, with the Dow Jones Industrial Average surging 396.32 points, or 1.6%, to 25,558.73. Shares of Walmart Stores Inc. (WMT) surged more than 9% after reporting its best sales growth in a decade. Boeing Company (BA) and Caterpillar Inc. (CAT) each rose 4.4% and 3.2%, respectively.

The broader S&P 500 Index rose 0.8% to 2,840.69, with all 11 primary sectors reporting gains. The consumer staples category was among the best performers, rising 1.5%. Financials stocks added 1.3% as a whole.

The technology-driven Nasdaq Composite Index finished well off session highs, rising 0.5% to 7,806.52.

A measure of implied volatility known as the CBOE VIX declined on Thursday, partially offsetting the previous day’s sharp climb. The so-called “fear index” fell 9.5% to 13.25 on a scale of 1-100 where 20 represents the historic mean.

U.S.-China Trade Talks Back On

White House economic adviser Larry Kudlow confirmed Thursday that China will send an envoy to Washington later this month to re-start trade negotiations between the two countries. Although the talks are expected to be low-level, they mark important progress in a relationship that has quickly deteriorated.

“The Chinese government, in its totality, must not underestimate President Trump’s toughness and willingness to continue this battle to eliminate tariffs and nontariff barriers and quotas, to stop the theft of intellectual property and to stop the forced transfer of technology,” Kudlow told CNBC’s Squawk Box on Thursday.

U.S. tariffs targeting $50 billion worth of Chinese goods have been implemented so far. President Trump has warned Beijing that the next round of levies will be much larger.

Bitcoin Eyes Breakout

The cryptocurrency market stabilized on Thursday, with bitcoin eyeing a bullish reversal amid reports of a new bitcoin exchange-traded note (ETN) being offered in U.S. brokerage accounts.

According to Bloomberg, the Bitcoin Tracker One ETN will be available to U.S. traders under the ticker symbol CXBTF. The ETN has been publicly traded on Nasdaq Stockholm since 2015. Technically, the ETN will be quoted as a foreign debt in U.S. over-the-counter markets.

Bitcoin’s price reached a high of 6,476.70 on Bitfinex. The leading digital currency would consolidate at $6,380 for a gain of 1.1%. As Hacked reported earlier, BTC has crossed the 50-day moving average and appears poised for further gains amid a sharp rise in momentum.

The broader cryptocurrency market was valued at $206.2 billion Thursday afternoon, with most major assets reporting 24-hour losses. Ethereum Classic was a notable exception; the cryptocurrency spiked 18% after Coinbase Consumer confirmed full support for ETC listings.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 548 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Market Overview

Finally Fighting Back

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Hi Everyone,

Perhaps one of the most revered personalities in the crypto world is Vitalik Buterin, the creator of Ethereum. His pioneering work on smart contracts is arguably one of the most important technological advancements in the development of cryptos.

Ethereum’s co-founder Joseph Lubin recently stated on Bloomberg that he doesn’t see the current falling prices as a hindrance to growth and I have to agree with him there.

What might prove to be a hindrance though, is the sheer popularity of the Ethereum network. As we saw with Bitcoin in early December, the Ethereum blockchain is now seeing times of stress as there are more transactions than the miners can confirm in a timely manner.

This morning, Vitalik provided a 75 tweet report on the network’s multiple paths forward, including the much anticipated Casper upgrade.

The good news is that the Ethereum developers seem to have good solutions for most of the issues. Unfortunately though, the timeframe remains elusive with some experts estimating that it could take more than a year to properly scale the busy network.

Many agree that decentralized applications will play a prominent role in our daily lives in the future. Currently, Ethereum is the prevailing platform for the creation of these dApps. What’s clear today is that they will have to work very hard to keep it that way.

@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

  • Trump & China – Talking Again
  • Dollar Step Back
  • Crypto Also Rebounding

Please note: All data, figures & graphs are valid as of August 16th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Markets are breathing a sigh of relief this morning as

The Turkish issue is still far from resolved, but it seems that Angela Merkel has been able to make some headway on the issues. In any case, this spat has roiled markets far more than it probably should have and it’s good to see things returning to some level of normality.

Asian and European markets have started out in a good mood. Let’s hope it sticks.

Dollar Pullback

Along with this positive risk sentiment, we do see some much-needed signs of weakness from the Greenback.

Most of the Emerging Markets currencies that we saw falling apart at the beginning of the week are now fighting back hard.

Here we can see the USD falling today against the Lira, Rand, and the Peso…

Even though the precious metals did continue to get hammered throughout the day yesterday and most of last night, they do seem to be rebounding this morning.

Crypto Fighting Too

Not to be left out, the crypto market also seems to have found relief in the Dollar’s pullback.

The markets are now seeing some much-needed calm after the declines of the past two weeks, which seems to have culminated with Tuesday’s plunge.

Let’s have an excellent day ahead!

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.

The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.

Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.

Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

Best regards,

Mati Greenspan
Senior Market Analyst

Connect with me on….

eToro: @MatiGreenspan | Twitter: @MatiGreenspan | LinkedIn: MatiGreenspan | Facebook:MatiGreenspan

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Pre-Market: Trade War Optimism Sparks Another Bounce in Stocks

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Global stocks are markedly higher today before the US open, Donald Trump’s quite aggressive negotiating seem to be paying off, at least with regards to China, as in the wake of the pronounced weakness in Chinese assets, and the notable slowdown in the economy, the country wants to reopen the talks with the US.

Shanghai Composite, 4-Hour Chart Analysis

The Shanghai Composite hit a new bear market low overnight before recovering above support into the close, and the Dollar’s rally also ran into resistance, thanks to the Yuan’s bounce of its fresh 13-month low. Emerging market assets are also somewhat higher today, with the help of the Turkish Lira’s continued bounce, but the segment is still deeply wounded technically, and more pain is almost inevitably ahead, as the negative trends still stand.

 

DAX Index, 4-Hour Chart Analysis

Walmart’s great earnings report also fueled the pre-market rally in US futures, as the retail segment in the largest economy still seems to be doing just fine, despite the global woes. The major US indices are after an orderly looking correction, in stark contrast with their European and Asian peers, which are stuck in broader downtrends or even full-blown bear markets.

Nasdaq, 4-Hour Chart Analysis

Yesterday’s tech selloff, which was triggered by the weak report of Chinese giant Tencent has almost been erased after the better than expected numbers of Cisco restored confidence in the market-leading segment. Nvidia (NVDA) will also report after the market close, and as the earnings season is drawing to a close, we can conclude that corporate profits had a blowout quarter in the US, even as cracks in the global economy appeared.

Momentum is still clearly on the side of the FAANGS and the whole US tech sector even after discounting Facebook’s recent plunge, but should the tightening cycle of the Fed continue to drain liquidity from financial markets and should the rising trend in rates persist, we expect valuations to suddenly matter soon.

Dollar Pulls Back

Dollar Index (DXY), 4-Hour Chart Analysis

The possible resumption of the US-Chinese trade talks sparked a, so far, weak correction, which also due from a technical standpoint, with the EUR/USD pair finding support near $1.13, and with the broader Dollar Index running into resistance near the 97 level. The rally in the reserve currency is no danger by any means, as the break-out is clearly intact, but a deeper pullback would help risk-assets in the coming days.

WTI Crude oil, 4-Hour Chart Analysis

Commodities are slightly higher thanks to the relief rally in emerging markets and the dip in the Dollar, but the previously stronger crude oil is just holding up above the $65 support, while gold is clearly below $1200, and copper couldn’t get back anywhere near yesterday’s break-down level close to $2.70.

Featured image from Shutterstock

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 320 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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