Daily Index Analysis: Nasdaq Soars, Asian Resilience, European Rise
12 Sep 2023
Nasdaq Soars with Tesla’s AI Boost, European Shares Rise, Asian Markets Battle the Dollar, China and Japan Stand Strong in Uncertain Times.
Asian stock markets maintained a cautious stance on Tuesday, while the dollar paused, its recent advances tempered by the resilience of central banks in China and Japan. Meanwhile, European shares inched higher, aided by a weaker pound lifting the UK’s FTSE 100. In the US, the Nasdaq surged as Tesla gained momentum with optimism surrounding AI and a significant endorsement from Morgan Stanley.
As investors wait for signs of stabilization and policy changes, China and Hang Seng stocks decline.
HANG SENG TECHNICAL OVERVIEW:
- MA 5: 18083.80 | Negative Crossover | Bearish
- MA 20: 18225.33 | Negative Crossover | Bearish
- MA 50: 18334.34 | Positive Crossover | Bullish
- MA 5: 18046.2 | Negative Crossover | Bearish
- MA 20: 18330.95| Negative Crossover | Bearish
- MA 50: 18158.16 | Positive Crossover | Bullish
RSI (Relative Strength Index): 43.72 | Neutral Zone | Neutral
Stochastic Oscillator: 32.65 | Sell Zone | Negative
Resistance And Support Levels :
- R1: 18327 | R2: 18778
- S1: 18036 | S2: 17594
Overall Sentiment: Bearish | Market Direction: Sell
Trade Suggestion: Stop Sell: 17875 | Take Profit: 17594 | Stop Loss: 18076
Elsewhere in the Indices Market
Asian stock markets nudged sideways on Tuesday while the dollar took a breather, its recent gains chastened by resistance from central banks in China and Japan.
The Shanghai composite is down at 0.18%. Overall, the Singapore MSCI is down 0.31% to 281.48. Over in Hong Kong, the Hang Seng Index is down by 0.39% to 18,025.89. In Japan, the Nikkei 225 was up 0.95% to 32,776.37, while the Topix index was up 0.82% to 2,379.91. South Korea’s Kospi down 0.79% to 2,536.58. Australia S&P/ASX 200 is up 0.20% to, 7,206.90.
European shares edge higher; softer pound lifts UK`s FTSE 100.
The DAX futures contract in Germany traded 0.42% higher, CAC 40 futures in France up 0.50% to 7,276.89 and the UK 100 futures contract in the U.K. up 0.21% to 7,493.70.
US STOCKS-Nasdaq closes substantially higher as Tesla surges on optimism over AI.
On Monday, the Nasdaq closed substantially higher as investors awaited this week’s inflation data and Tesla jumped on confidence surrounding artificial intelligence. After Morgan Stanley raised Tesla (TSLA.O) to “overweight” from “equal weight,” claiming that its Dojo supercomputer may increase the company’s market worth by roughly $600 billion, the electric car manufacturer saw a 10% increase in shares.
Indexes: Dow up 0.25%, S&P 500 down 0.67%, Nasdaq down 1.14%.
Tesla (TSLA) is up 10.09% at 273.58, Walt Disney Co (DIS) up 1.15% at 82.52, and Meta Platforms Inc (META) is up 3.25% at 307.56. JPMorgan Chase & Co (JPM) up 0.44% at 144.46, Alibaba Group Holding Ltd (BABA) down 1.49% at 88.71.
Key Economic Events & Data Release Today:
(GBP) Average Earning Index + Bonus (Jul) Actual 8.5%, Forecast 8.2%, Previous 29.0K at 11:30.
(EUR) German ZEW Electronic Sentiment (Sep) Forecast –15.0, Previous –12.3 at 14:30.
(AUD) Westpac Consumer Sentiment (Sep) Actual –1.5%, Previous –0.4% at 06:00.
(AUD) NAB Business Confidence (Aug) Actual 2, Previous 2 at 07:00.