- Equities in Asia are sidestepping following a tense Thursday.
- Risk appetite is hanging poised for further downside to cap off the week.
Asia stocks are stepping mixed today, with equities traders moving lightly after a tense Thursday that saw markets pile into safe havens following a bearish European session and a US session where rising economic data for the US are again stoking fears of inflation, sending equities down and traders scooping up the US Dollar and spiking US Treasury yields.
Australia’s ASX is having a good day, up 1.23% for Friday, while the Shanghai Composite is sitting at -0.91% with Hong Kong’s Hang Seng almost flat at -0.14%. Japan’s Nikkei 2255 index is also up for the day, treading water near 22,800.00 and up 0.31% for the day.
Friday brought little of note to the table, though the Bank of Japan (BoJ) was out with their latest rate statement, which sees the Japanese central bank getting comfortable right where they are. Japanese inflation continues to sail far under the central bank’s desired target, and the BoJ looks set to continue sailing as they are for the foreseeable future.
Nikkei 225 levels to watch
The Nikkei has been cycling around familiar levels lately after falling away from the key 23,000.00 level, and while a bullish turn around from current support just below the 22,800.00 would leave the index free to challenge the year’s highs near 24,200.00, bears are likely to resume taking control, then the Nikkei could easily slip backwards into the last major swing low at 21,900.00.
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