MTS News

MTS Futures News_PM_20180829330

30 Aug 2018

• The S&P 500 rallied during trading on Wednesday, reaching towards the highs again, and looking very likely to break out to the upside. I think that given enough time, this market will continue to pressure and go much higher.

With decent earnings, and in agreement between the United States and Mexico, it makes sense that the S&P 500 is trying to go higher and break out to the upside. Throw in the fact that the Canadians are more than likely going to sign on to some type of agreement in the next couple of days, the stock market has plenty of reasons to think that it should continue to go higher. Overall, short-term pullbacks should continue to be buying opportunities down to the 2900 level, an area that of course will attract a lot of attention. In general, I think that the market will continue to go higher, but it won’t necessarily be the easiest thing to do. If the US dollar falls further, it should continue to go higher based upon higher profits overall.

• European stocks were lower Thursday morning, as investors continued to monitor global trade talks and corporate earnings.

The pan-European Stoxx 600 index traded almost 0.3 percent lower, with most sectors and major bourses in the red. Basic resources led the losses, weighed down by lingering concerns of trade tensions between the U.S. and China.

• Asian stocks handed back earlier gains and fell on Thursday, with Chinese markets fixed firmly on risks from the China-U.S. trade war and taking little comfort from an apparent easing in business tensions in North America and Europe.

The leaders of the United States and Canada expressed optimism on Wednesday that NAFTA negotiations would meet a Friday deadline for a deal, days after the U.S. and Mexico reached a bilateral agreement.

But MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3 percent, with broad gains across the region offset by losses in China.

The Shanghai Composite Index slid 0.9 percent and Hong Kong’s Hang Seng fell 0.8 percent.

Australian stocks were effectively flat. Japan’s Nikkei initially touched a three-month high following gains on Wall Street but pared gains and was last up a modest 0.05 percent.

South Korea’s KOSPI was a shade lower.

• Japan’s Nikkei eked out small gains after touching more than a three-month high on Thursday as positive developments in trade negotiations underpinned sentiment, but investors wasted no time taking profits from the gains in late trade.

The Nikkei share average ended 0.1 percent higher to 22,869.50, after climbing to 23,032.17 points, its highest level since May 21.

• China stocks fell on Thursday, their third straight session of losses, as worries lingered over the country’s economic health amid its trade spat with the United States.

The blue-chip CSI300 index fell 1.0 percent to 3,351.09 points, while the Shanghai Composite Index also closed down 1.1 percent at 2,737.74 points.

Reference: Reuters, CNBC

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