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Market Brief: Asian Stocks Mixed, Positive China Exports Data Supports Sentiment


Asian markets trade mixed on Thursday after better-than-expected exports data out of China has stabilised sentiment. China April exports came in at +8.2%, beating the expectations of -14.1% and above the March reading of -3.5%. China Services PMI came in at 44.4, well below the forecasts of 51 in April. Brent crude is lower today, but the impressive rebound since the historic lows drove the price at $30 per barrel.

Wall Street ended mostly lower, but the technology sector continues to outperform. The US ADP report showed a drop in employment of 20.2 million for April. Analysts now expect an employment drop on Friday’s NFP data of 21 million.

On our trading calendar today we await the Italy March retail sales due 8:00GMT. In the US, the focus will be on initial jobless claims ahead of the April NFP report due tomorrow.

Nikkei finished higher after the holidays. The Hang Seng Index is 0.61% lower at 23,986. The Shanghai Composite index ended 0.10% lower at 2,875. The FTSE Straits Times index in Singapore ended 0.75% higher at 2,591. The Aussie ASX 200 index is 0.56% lower at 5,354.

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Nikkei 225 Ends Higher

Nikkei 225 resumed trading after the holidays with gains. The index finished 0.28% higher at 19,674. Better economic data boosts sentiment. The Japan Monetary Base came in at 2.3%, below the forecasts of 3.2% in April.  

From a technical perspective, minor resistance for the Nikkei 225 index stands at 19,720 the daily top. The next resistance for the index stands at 19,971 the high from May 1st. If the index moves above19,971, the next supply zone is at 20,367 the high from April 30.

On the other side, initial support stands at 19,448 today’s low. If the Nikkei 225 index breaks below, then the next support will be met at 19,178 the low from April 24 trading session. In case of more selling pressure, the next support zone stands at 18,925 low from April 22.

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