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MTS Futures News_PM_20180814
• The S&P 500 was very noisy in premarket trading on Monday as fears about the US dollar strengthening too much because of the Turkish lira crashing gripped the market. There was also concern about European banks and whether or not there exposure to Turkey would be deadly. Beyond that, it’s also a concern that perhaps American banks are exposed to Turkish debt. Ultimately though, US exposure to Turkish debt seems to be rather limited, so it would not surprise me at all to find that this will eventually be thought of as “much ado about nothing.”
Overall, if we can break above the 2843 handle, it looks as if the market will try to move another five point, and then eventually to the 2860 level. That’s an area that has been significant supply, but you can see that we have already busted through several negative candles during the day, with extreme momentum. Because of this, I think that what we are going to see is a recovery towards the highs again. You clearly have a stop area somewhere near the 2820 handle, and of course the 2800 level which has been significant support on the longer-term charts. In general, I am bullish of this market on pullbacks, and we certainly have gotten a nice one that value hunters are trying to take advantage of. That doesn’t mean that we are going straight up, but I would look at short-term pullbacks, barring some type of horrible headline, as a buying opportunity.
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• European shares bounced back on Tuesday after two days of heavy selling as investors’ anxieties over contagion from a Turkish currency crisis faded slightly, thanks to reassurances from the central bank and government.
Financials were the biggest driver with euro zone bank stocks .SX7E rising 0.8 percent, helping to push the pan-European STOXX 600 benchmark up 0.4 percent.
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• Asian share markets fought to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed, though sentiment took a fresh knock when Chinese economic data proved softer than expected.
The Shanghai blue chip index .CSI300 was off 0.9 percent and weighing on MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS which eased0.25 percent.
• Japan’s Nikkei on Tuesday rebounded from a five-week low, posting its biggest one-day gain since March as export-driven firms benefited from a pause in the safe-haven yen’s strengthening while the battered Turkish lira firmed.
The Nikkei share average surged 2.3 percent to 22,356.08, the biggest percentage gain since March 27. On Monday, it touched 21,851.32, the lowest level since July11.
• China stocks ended lower on Tuesday after data showed further signs of cooling in the country’s economy and as trade war worries lingered.
The blue-chip CSI300 index fell 0.5 percent to 3,372.91 points while the Shanghai Composite Index closed down 0.2 percent at 2,780.96 points.
Reference: Reuters, CNBC, FX Expire
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