- Equities in the Asia session continue to struggle to develop bullish momentum.
- Trade war fears are the overarching theme of the week with tariffs due on the 6th.
Asian stocks are in the red once again for Wednesday, continuing to decline in the run-up to the US-China tariffs due on July 6th.
Trade war anxiety is continuing to put bearish pressure on Asian equities, and the major bourses are steadily slumping ahead of July 6th, when the US’ latest round of tariffs on $34 billion worth of Chinese goods is expected to come into effect.
Japan’s Nikkei 225 is softly lower at -0.40% for the day, while Australia’s ASX 200 is down -0.50%. The MSCI Asia-Pacific index is slightly lower at -0.16%, but China’s equity indexes are steeper into the red, with the Hong Kong Hang Seng at -1.07% and Shanghai’s CSI 300 off by -0.85%.
Nikkei 225 levels to watch
Japan’s Nikkei 225 is set to decline for a third straight week, currently testing into 21,700.00. Bears are currently being pushed away by support from the current week’s low of 21,550.00, with the year’s lows at 20,300.00. A bullish turnaround for the Japanese bourse will see resistance at that week’s lows of 22,040.00, with further resistance at May’s highs near 23,000.00.
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