Equity Brief: Most Asian Stocks Remain In Consolidation Mode
Kelvin Wong July 3, 2019 7:01 AM
Stock market snapshot as of [03/07/2019 0515 GMT]
- Ahead of the European opening session, most Asian stock markets remain in a consolidation mode for the second consecutive day despite another fresh record milestone seen in the U.S. stock market yesterday, 02 Jul where the S&P 500 hit a new record high close of 2973.
- The best performer as at today’s Asian mid-session is the Australia’s ASX 200 which has gained by 0.57% led by consumer and commodity stocks. In contrast, Korea’s Kospi 200 has continued to underperform for the third consecutive day (-1.22%) where it has been dragged down by a downgrade on South Korea’s economic growth for 2019. The government has cut 2019 GDP growth target to 2.4%/2.5% from 2.6% /2.7% earlier, the latest forecasted GDP growth range is at a 7-year low.
- The S&P 500 E-mini futures has staged a pull-back of -0.13% as seen in today’s Asia session ahead of an earlier closure in the cash U.S. stock market today (1 pm NYT) and a full-day closure on Thurs, 4 Jul for the Independence Day holiday.
- European stock indices CFD futures are bucking against the trend seen in the Asian stock markets where the both the FTSE 100 and German DAX are showing modest gains of 0.12% to 0.17%.
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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