Asian Equity Market Handover: Hong Kong Hammered Down By Street Protests
Kelvin Wong June 12, 2019 8:21 AM
Stock market snapshot as of [12/6/2019 0635 GMT]
- Asian stock markets have started to stage a retreat in line with another weak closing seen in U.S. benchmark stock indices yesterday, 11 Jun. The S&P 500 has failed again to break above the 2900 intermediate resistance and erased its opening gapped-up gains (printed an intraday high of 2910) to close lower at 2885. Thus, the latest price action seen in the S&P 500 has increased the risk of an imminent minor pull-back within a medium-term uptrend phase.
- The worst performer as at today’s Asian mid-session is the Hong Kong’s Hang Seng Index where it tumbled by close to 2% triggered by a large-scale mass public demonstration in Hong Kong to protest the “soon to be passed” controversial China extradition bill. Yesterday’s gains powered up by China’s fiscal stimulus have been wiped out; click here & here to read our latest analysis on the Hong Kong stock market.
- FTSE 100 and Germany DAX CFD indices futures have continued to drop after losses seen at the close of yesterday, 11 Jun European session. Both are down by -0.48% and -0.40% respectively.
- Key economic event and data to take note later will be ECB President Draghi’s speech at 0815 GMT and the key U.S. CPI data for May out at 1230 GMT.
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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