- Market holidays for Japan see markets go thin.
- Bearish tendencies remain as traders brace for further trade war tariffs.
Asian equities are striking a notably softer tone as broader markets weigh the realities of incoming US tariffs on China in the latest round of the US-China trade war, and indexes are locking down as traders brace for a renewed threat for even further tariffs from the US in the coming weeks.
Japanese markets are off for a long weekend, and Monday sees thin volumes, but Australia’s ASX 200 index is managing to hold steady on the day, trading near 0.45% after slipping in early Monday action. Japanese equities are flat with everybody out of the office to celebrate Japan’s holiday Monday, and the MSCI 200 broad Asia-Pacific index excluding Japan has managed to reverse an early dip to trade near 1.07% on the day.
China, the US’ prime target in the worsening trade war, is seeing bears stepping to the forefront today, with Hong Kong’s Hang Seng index down -1.58% for Monday, with Shanghai’s CSI 300 in the red -1.13% so far.
Hang Seng levels to watch
With China’s Hong Kong Hang Seng index dipping into 26,850, bears are set to finish marking in yet another lower high for the major equity index, and the Hang Seng is drifting back towards 2018’s lows near 26,220 with little support remaining, while resistance piles in from the recent swing high at 27,340.
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