MTS News

MTS Futures News_PM_20180808

8 Aug 2018

• The S&P 500 by all accounts looked healthy during the trading session on Tuesday, and I certainly don’t think that shorting is called for, even though I think we are about to get a pullback. Instead, I would prefer to buy dips as “value” and have several areas that I would be paying attention to as they strike me as being supported.

I believe that the 2840 level is supported, I also believe that the 2825 level is. Both of these were significant resistance in the past, so there will be a certain amount of order flow cycling around that area.

• European stocks traded lower on Wednesday morning, as investor kept a close eye on corporate earnings and trade tensions.

The pan-European Stoxx 600 was 0.23 percent lower with most sectors in the red. Retail was among the worst-performing sectors in early deals, dragged down by ratings downgrades and disappointing earnings. Ahold Delhaize fell over 3 percent after reporting second-quarter sales below expectations.

• Asian shares extended their recovery into a fourth day on Wednesday, buoyed by strong U.S. earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3 percent, led by Taiwan, while Japan’s Nikkei ticked down 0.1 percent.

• Japan’s Nikkei edged lower on Wednesday as the market braced for the start of U.S.-Japan trade talks the next day, offsetting gains in companies which posted strong results such as Nikon and Daikin.

The Nikkei share average ended 0.1 percent lower at 22,644.31 points.

• China’s stock markets retreated on Wednesday as fresh U.S. tariffs and the increasingly heated trade war between the world’s two largest economies cast doubt over Beijing’s ability to boost its economy through pro-growth policies.

The Shanghai Composite index .SSEC fell 1.3 percent, and the blue-chip CSI300 index .CSI300 ended 1.6 percent lower, reversing gains made in a recovery in the previous session.

Reference: Reuters, CNBC, FX Expire

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