- Equities in the Pacific-Asia window are continuing Tuesday’s bull move as the US Fed’s Powell delivers a bullish outlook.
- China equities are pushing higher, but are restrained as US-China tensions remain unresolved.
Asian stock markets are on the upside following a bullish showing from the US Fed’s chairman Jerome Powell, but a subdued undertone remains in Chinese indexes.
Federal Reserve chairman Jerome Powell give a hawkish stance in the first day of his testimony before the Senate Banking Committee, talking up the positive aspects of the US economy’s growth metrics looking foward, and downplaying potential negative fallout from the ongoing US-China trade spat. Equity markets reacted largely positive, and the positive twist to indexes is carrying over into the Asian market session, though Chinese stocks are seeing smaller gains for the day.
Japan’s Nikkei 225 is up 0.90% so far for Wednesday, with the Tokyo Topix index up for 0.70%, while Australia’s ASX 200 is likewise up 0.70%; Chinese equities are in the green, but relatively more sedate, with Hong Kong’s Hang Seng index up about 0.60% with the Shanghai CSI 300 up around 0.35%.
Nikkei 225 levels to watch
July has seen a bullish recovery for Japan’s leading equity index, and resistance is sitting nearby at June’s highs of 23,000.00, with January’s all-time peak of 24,180.00, while a bearish turnaround will be faced with June’s lows at 22,030.00 and July’s technical bottom at 21,475.00.
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