Hang Seng Outperforms, Nikkei 225 Higher

Asian markets trading higher helped by better China Services PMI and the rapid developments around Brexit. The Hang Seng trading 3.59 per cent higher at 26,444, the Singapore Straits Times index finished 1.13 per cent higher at 3,130 and the Shanghai composite ended 0,93 per cent higher at 2,928. Aussie stocks finished lower; the ASX ended 0.87% lower at 6,516.

Nikkei 225 finished 0.12% higher at 20,649 getting a boost from Kawasaki +4.04%, Kyowa +3.63%, Pacific Metals +3.20%, Olympus +2.43%, and Sumitomo +2.25%. On the other hand Sony -3.96%, NSK Ltd -2.87%,  Suzuki -2.69%, and Ricoh -2.61%.

The Nikkei consolidates above seven-month lows, as the index found a floor above the strong support at 20,330 that attracts bargain hunters. On the downside, immediate support stands at 20,554 today’s low and then at 20,200 the low from August 15th. A break below that level might accelerate the selloff below the 20,000 mark. On the upside resistance for the Nikkei 225 stands at 20,694 today’s high,a break above may carry more bullish implications, perhaps setting the stage for a move up to 21,101 the 200 day moving average.

In Asian forex markets USDJPY trading 0.27% higher at 106.21, the Aussie dollar trades 0,36% higher at 0.6783, while Kiwi trades 0.12% higher at 0.6344 versus USD. Gold trades higher to 1,537, while crude oil is 0.63% higher at $54.28 per barrel.Don’t miss a beat! Follow us on Telegram and Twitter.

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