- Asia session indexes pop on continued risk appetite into the new week.
- Japan’s Nikkei climbing into last week’s high after reversing from a recent bottom.
Asia equities are lifting on Monday as markets go risk-on for the new week, setting aside trade concerns for the time being, and Japan’s leading Nikkei 225 index is already testing last week’s highs near 22,540.00, trading into the 22,500.00 level early on Monday after the index bottomed out last week near 21,900.00.
Geopolitical tensions and trade fears continue to haunt the market, but equities rallied last Friday after the US NFP jobs report posted better-than-expected numbers, sending equities higher to cap off the mixed week. Risk appetite is continuing for the new week, and equities are moving higher.
Australia’s ASX index is up 0.50% in Monday’s trading, while the Shanghai Composite currently sits at 0.20% and Hong Kong’s Hang Seng is up around 0.10% for the day, while the Nikkei 225 is the big gainer for Monday, up around 1.40% for the early week.
Nikkei 225 levels to watch
With the index climbing in Monday trading, the level for bulls to beat will be last week’s high, sitting nearby at 22,540.00, followed by May’s high beyond at 23,040.00, while a sell-off will find support from last week’s low from 21,910.00 before running into May’s bottom near 20,920.00.
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