Instrument: US100
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 11428.95 with take profit at 11457.71
Bearish Preference:
Sell position is envisaged if price trades below price 11339.54 with take profit at 11306.95
Fundamentals:
PPI m, Ccre PPI
Comment:
Asia-Pacific stocks were down on Tuesday morning after Wall Street entered the bear market while bond yields hit a two-decade high over fears of recession caused by more aggressive interest rate hikes from the U.S Federal Reserve. Japan’s Nikkei 225 fell 1.95% by 10:39 PM ET (2:39 AM GMT). As the yen fell to 24-year lows to the dollar, Japanese Finance Minister Shunichi Suzuki on Tuesday said the government will coordinate any appropriate steps with the Bank of Japan (BOJ). South Korea’s KOSPI fell 1.26%. In Australia, markets reopened after a holiday, the ASX 200 was down 0.35%. Hong Kong’s Hang Seng Index was down 0.94%. China’s Shanghai Composite was down 0.81% while the Shenzhen Component was down 1.08%. The red-hot reading of U.S. inflation data still weighed on the market over fears that investors expect more interest rate hikes from the Fed, which might cause a recession. Benchmark 10-year Treasury yields hit their highest point since 2011 on Monday.
Analysis: SCRUM Team
