Equity Market Handover: Profit Taking In Asian Stocks Triggered By Rising Geopolitical Risk
Kelvin Wong June 21, 2019 6:19 AM
A summary of the stock market trends & highlights from today's Asian mid-session.
Stock market snapshot as of [21/6/2019 0500 GMT]
- Ahead of the European session open, profit taking activities can been seen across the board in Asian stock markets to retrace its prior 3-days of consecutive gains on the back of rising geopolitical tensions in the Middle East after Iran shot down a U.S. drone for the violation of Iran’s airspace.
- The worst performer in Asia as at today’s mid-session is the Nikkei 225 where it has tumbled by -1.04% reinforced by a weak preliminary Japan manufacturing PMI data for Jun where it has showed a contraction (49.5 versus 50.00 consensus). In addition, the JPY has continued to gain strength where the USD/JPY has plummeted to print an Asian session low of 107.05; on track to post its worst weekly close since 02 Jan 2019. Click here for our latest analysis on the FX markets.
- After the S&P 500 hit a fresh all-time high close at 2954 (printed an intraday all-time high of 2958) in yesterday’s U.S. session, the S&P E-mini futures have also started to retrace some of its gains by 0.30% to print a current intraday low of 2950 as seen in today’s Asia session.
- European stock indices CFD futures are showing modest losses as well where the FTSE 100 and German DAX have declined by -0.23% and -0.46% respectively.
- PMI day for Europe today where German preliminary manufacturing & services PMI for Jun will be out at 0730 GMT follow by Eurozone’s PMI at 0800 GMT.
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.