Asian Stocks Down as Vote Counting Starts for Georgia Election
Asia Pacific stocks were mostly down on Wednesday morning, with vote counting for a U.S. Senate runoff election in the state of Georgia currently underway.
Tensions between the #U.S. and #China are up, with U.S. President Donald Trump also signing an order banning U.S. transactions with eight digital Chinese payment platforms, including Ant Group’s Alipay.
Investors are also focused on whether the #New York Stock exchange will delist #China Mobile Ltd , China Telecom Corp Ltd and China Unicom Hong Kong Ltd on security grounds. Although the bourse reversed its decision to delist the trio on Tuesday, it could reportedly restart delisting plans.
#Hong Kong’s Hang Seng Index fell 0.50%. Over 50 activists and politicians were taken into custody earlier in the day on suspicion of violating the city’s national security law. The group included former opposition politicians Alvin Yeung, James To, Andrew Wan and Lam Cheuk-ting, as well as academic and activist Benny Tai.
The charges stem from an informal primary in July 2020 to choose candidates for the legislative election due to have taken place in September and which was subsequently postponed.
Japan’s #Nikkei 225 was down 0.38% and South Korea’s KOSPI inched down 0.08%. In Australia, the #ASX 200 slid 1.09%.
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 0.28 % to 3,538.90. Hong Kong’s Hang Seng Index was down about 0.11% to 27,625.50.
Japan's benchmark Nikkei average. Nikkei 225 is trading down 0.38 percent at 27,056. on Wednesday, while the broader TOPIX 100 rose 0.43 percent to 1,169.23. South Korea’s Kospi was up by 0.01% to 2990.01.
#KOSPI
Indicator RSI MA (5) MA(20) MA (50) Bollinger
(U,M,L) Stochastic
Reading 82.963 2923.88 2802.94 2619.96 U=2962.9212
M=2802.7205
L=2642.5198 %K=86.7666
%D=95.2863
Comment Over-Brought Zone zone Price Below the moving average Price Above the moving average Price Above the moving average Price is Above UB
Price is Above MB
Price is above LB Crossover to the Downside
Trend Over - Brought Bullish Bullish Bullish Bullish Bearish
Special
Notes The market is expected to move into Positive Territory. All the Moving Averages are below the price. The RSI suggests the market move on the Positive side.
Asia Pacific stocks were mostly down on Wednesday morning, with vote counting for a U.S. Senate runoff election in the state of Georgia currently underway.
Tensions between the #U.S. and #China are up, with U.S. President Donald Trump also signing an order banning U.S. transactions with eight digital Chinese payment platforms, including Ant Group’s Alipay.
Investors are also focused on whether the #New York Stock exchange will delist #China Mobile Ltd , China Telecom Corp Ltd and China Unicom Hong Kong Ltd on security grounds. Although the bourse reversed its decision to delist the trio on Tuesday, it could reportedly restart delisting plans.
#Hong Kong’s Hang Seng Index fell 0.50%. Over 50 activists and politicians were taken into custody earlier in the day on suspicion of violating the city’s national security law. The group included former opposition politicians Alvin Yeung, James To, Andrew Wan and Lam Cheuk-ting, as well as academic and activist Benny Tai.
The charges stem from an informal primary in July 2020 to choose candidates for the legislative election due to have taken place in September and which was subsequently postponed.
Japan’s #Nikkei 225 was down 0.38% and South Korea’s KOSPI inched down 0.08%. In Australia, the #ASX 200 slid 1.09%.
Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 0.28 % to 3,538.90. Hong Kong’s Hang Seng Index was down about 0.11% to 27,625.50.
Japan's benchmark Nikkei average. Nikkei 225 is trading down 0.38 percent at 27,056. on Wednesday, while the broader TOPIX 100 rose 0.43 percent to 1,169.23. South Korea’s Kospi was up by 0.01% to 2990.01.
#KOSPI
Indicator RSI MA (5) MA(20) MA (50) Bollinger
(U,M,L) Stochastic
Reading 82.963 2923.88 2802.94 2619.96 U=2962.9212
M=2802.7205
L=2642.5198 %K=86.7666
%D=95.2863
Comment Over-Brought Zone zone Price Below the moving average Price Above the moving average Price Above the moving average Price is Above UB
Price is Above MB
Price is above LB Crossover to the Downside
Trend Over - Brought Bullish Bullish Bullish Bullish Bearish
Special
Notes The market is expected to move into Positive Territory. All the Moving Averages are below the price. The RSI suggests the market move on the Positive side.
MARKET OUTLOOK:-
Oil gains with supply constraints in focus after #Saudi cuts
Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world's biggest exporter, to cut output over the next two months.
It was not immediately clear how the storming of the #U.S. Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden's administration will clamp down on U.S. oil production.
Brent crude was up 44 cents, or 0.8%, at $54.74 a barrel by 0734 GMT, after gaining 1.3% overnight. U.S. West Texas Intermediate (#WTI) gained 51 cents, or 1% to $51.14. The contract rose 1.4% on Wednesday.
Saudi Arabia, the world's biggest oil exporter, said it would voluntarily cut 1 million barrels per day (bpd) of output in February and March, after #OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
A lower dollar, which makes oil cheaper because the commodity is mostly traded using the greenback, is also supporting prices, analysts said.
U.S. crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday. [EIA/S]
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
A sustained rise in WTI prices, though, may result in a resurgence in U.S. output.
Trump supporters swarmed the U.S. Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to President-elect Biden. Police have declared the situation secure and the certification of the election result has resumed.
"I'm not sure it changes anything fundamentally but what everyone will be looking at is how the equity markets react, as well as the U.S. dollar," said Matt Stanley, senior broker at Star Fuels in Dubai.
"It can be argued that oil has been happy to ride along with the equity market."
On the technical front, #BrentCrude RSI stood at 71.244 the current price is trading Above All the Moving Averages. So, a BUY trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Crude– BUY: 54.10, TARGET:55.50, STOP LOSS:53.50.
Oil gains with supply constraints in focus after #Saudi cuts
Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world's biggest exporter, to cut output over the next two months.
It was not immediately clear how the storming of the #U.S. Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden's administration will clamp down on U.S. oil production.
Brent crude was up 44 cents, or 0.8%, at $54.74 a barrel by 0734 GMT, after gaining 1.3% overnight. U.S. West Texas Intermediate (#WTI) gained 51 cents, or 1% to $51.14. The contract rose 1.4% on Wednesday.
Saudi Arabia, the world's biggest oil exporter, said it would voluntarily cut 1 million barrels per day (bpd) of output in February and March, after #OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
A lower dollar, which makes oil cheaper because the commodity is mostly traded using the greenback, is also supporting prices, analysts said.
U.S. crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday. [EIA/S]
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
A sustained rise in WTI prices, though, may result in a resurgence in U.S. output.
Trump supporters swarmed the U.S. Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to President-elect Biden. Police have declared the situation secure and the certification of the election result has resumed.
"I'm not sure it changes anything fundamentally but what everyone will be looking at is how the equity markets react, as well as the U.S. dollar," said Matt Stanley, senior broker at Star Fuels in Dubai.
"It can be argued that oil has been happy to ride along with the equity market."
On the technical front, #BrentCrude RSI stood at 71.244 the current price is trading Above All the Moving Averages. So, a BUY trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Crude– BUY: 54.10, TARGET:55.50, STOP LOSS:53.50.