On Friday Asian Stock Rise, Tracking Wall Street Rebounded
30 Sep 2022
The Nikkei 225 tumbled 1.88% to 25,937.11 on Friday.
The Hang Seng was up by 0.33% at 17,222.45 and Hang Seng Tech Index was down by 1.29%. The 10-year U.S Treasury yield jump to its next level in June. The 30- year Treasury rate closed at the highest level since 2014
Japan, China, and Southeast Asia stocks rebounded sharply from huge losses this week, moreover after polishing up the bank of England intervened in bond markets to prohibit a financial meltdown in the country
Benchmarks declined in Tokyo, Sydney, and Shanghai, major Chinese cities closed due to coronavirus outbreaks, and Asian shares fell trading as the market was closed for good Friday
Last Wednesday Asia- The pacific market was down as investors expect the Federal Reserve to give a summary of economic conditions, this is also known as Beige Book. Shanghai is up by 0.82% at 3262.05, and the TOPIX rose 0.19% to 1866.71,
Chinese exporters increase 7.1% in August and in the next month it increased by 18% almost 12.8%, The offshore Chinese yuan weakened to 6.99 %
On Thursday Asian stock rose, extending an overnight rally, while the oil prices support levels not seen since before Russia’s invasion of Ukraine.
LONG-TERM TECHNICAL ANALYSIS
This daily chart indicates that Nikkei 225 was trading in a downward channel, currently, it is trading below all SMA. RSI is in the selling zone which indicates bearishness and MACD is below zero which indicates bearishness.