The weekend news of a big miss on China’s exports makes it likely that today’s credit growth figure and other Chinese data due on Thursday will be a key focus for markets this week. Today’s market update takes a look at support and resistance levels for the China A50 index
The market is currently valuing Facebook at about 56 times average earnings forecasts for 2014. With valuations like this, there is plenty of scope for a sharp correction if anything happens to change sentiment either for the stock itself or for the broader market.
Asia Pacific indices Australia 200 is testing 5,500 which could lead to a breakout or a double top. RSI drifting lower suggests upward momentum weakening. Next measured resistance if it manages a rally appears near 5,625 with initial support in a correction near 5,440 then 5,370. Japan 225 continues to rebound, rallying within a 15,130 […]
Don’t get me wrong – some of my best friends are European. But I may be a little economically prejudiced against them. Their labour markets are rigid, inefficient and too costly. Their social safety nets are in some cases absurdly extravagant. The growth outlook is poor, and they have no mechanism for adjusting for the […]
The December quarter GDP figures contained news that the Australian Household saving ratio fell below 10% for the first time since 2010. A falling savings rate can provide a turbo boost to spending in the early stages of a recovery, helping spending growth to outpace income growth. Yesterday’s 1.2% increase in January retail sales followed […]
A fortnight ago I made the case for a higher AUD/USD in A Contrarian’s AUD/USD. This morning, the pair has pierced the neckline of the reverse head and shoulders formation, and the MACD has crossed, giving a buy signal. Where to from here? The AUD/USD has just moved through the 38.2% retracement of the […]
Asia Pacific indices Australia 200 is back above 5,450 near the top of a 5,340 to 5,500 trading channel that has emerged while it digests recent advances. RSI backing away from overbought suggests it may be moving into a sideways phase for now. Next measured resistance on a breakout appears near 5,660. Japan 225 is […]
Despite a beautiful set of fundamentals, the Australia 200 Index is behaving badly. The reporting season now drawing to a close broadly shows solid sales growth and better earnings growth. Recent data shows an expanding Australian economy (GDP +2.8% yoy), and leading indicators such as building approvals suggest this is more likely to accelerate. A […]
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