- Equities in the Asia-Pacific session struggle to make upwards momentum.
- Angst over the US-China trade spat continue to bleed buying sentiment out of stocks.
Asian equities are declining once again as trade tensions between the US and China continue to sap risk appetite out of global markets.
Risk aversion flows have propped up the US Dollar across the broader G10 currency market, while US President Trump has threatened to lift tariffs on $200 billion worth of Chinese goods from a 10% tariff to 25%.
Japan’s Nikkei 225 leading index is holding steady for the day at 0.14%, while the Tokyo Topix index sits at -0.26%, and Hong Kong’s Hang Seng index sits at a similar -0.25%, while Australia’s ASX 200 remains relatively flat at -0.02% for Friday. The downside to Asian markets shows up in Shanghai’s CSI 300 index, which sits at -1.08% and pointed for further downside, while the MSCI broad Asia-Pacific excluding Japan index sits at -1.30% for the day.
Nikkei 225 levels to watch
Japan’s leading stock index is trading into 22,500.00 on Friday, seeing little change on the week as bearish sentiment from trade concerns taking momentum out of the Nikkei for the majority of July’s action. The week’s low sits close by at 22,375.00, while highs for the week sit at 22,820.00, while bulls will be keeping a close eye on the 23,000.00 major handle, while bears will be aware that breaking through nearby resistance leaves few barriers in the way to early July’s lows near 21,500.00.
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