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Nikkei 225 closes lower by 0.79% at 22,426.19

  
Analysis, Global Indices

The Nikkei posts its lowest close since October last year

Nikkei 26-02

Asian stocks are mostly following Wall Street’s lead lower today but the losses have been managed by the calmer mood in Chinese equities and US futures so far on the day.
The Shanghai Composite is keeping near flat levels as Chinese stocks are somewhat holding up amid hopes for more stimulus measures to bolster the economy. Meanwhile, US futures are up by ~0.4% on the day and that is easing the pressure on risk.
USD/JPY has also crept higher towards 110.38 currently but the near-term bias continues to favour sellers for now as price sits under the 200-hour moving average @ 110.68.
The overall risk mood is somewhat mixed going into European trading, with Treasury yields mixed across the board near flat levels mostly. 10-year yields are at 1.355%, just a hiccup away from potentially falling below 1.30%.

Chinese equities move lower into the close, not a good post-lunch break session

  
Analysis, Global Indices

Where art thou PBOC stimulus?

CSI 300

SHCOMP
After returning from the lunch break earlier, Chinese stocks haven’t had the best of times as it has been more or less one-way traffic on the way down. The CSI 300 index is down by 1.3% while the Shanghai Composite index is down by 0.9% on the day currently.
Despite the earlier optimism – owing to hope for more stimulus measures – it isn’t proving to be enough as the upside momentum is starting to wane, for now at least.
The lower close today would be the third straight day of lower closes for Chinese indices after an impressive recovery following the post-Chinese New Year drop.

European shares end the session with sharp declines

  
Analysis, Global Indices
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German DAX -1.8%

The major European shares are ending the session with sharp declines. For the year, the major European indices are also in the red.  A look at the provisional closes are showing:

  • German DAX, -1.8%
  • France’s CAC, -2.0%
  • UK’s FTSE 100, -1.9%
  • Spain’s Ibex, -2.4%
  • Italy’s FTSE MIB, -1.4%
For the year, changes are all in the red led by a 7% decline in the UK FTSE 100.
  • German DAX, -3.4%
  • France’s CAC, -5%
  • UK’s FTSE, -7%
  • Spain’s Ibex, -3.1%
  • Italy’s FTSE MIB, -1.6%
In other markets as the European/London traders look to exit are showing:
  • Gold is still negative. It is trading down $10.80 or -0.65% at $1648.10. The spot price tried rebound and move higher on the fall in stocks, but seems to have sellers above. Recall that in yesterday’s trade, there was a large seller reported in the futures market which helped push the price lower in the New York afternoon session
  • WTI crude oil futures are following the risk off sentiment with the contract trading down -$0.89 or -1.7% at $50.54. The price is not far off the low at $50.37. The high reached $52.02
In the US stock market, the NASDAQ is leading the charge to the downside. It is currently down -100 points or -1.11% and 9116.
  • Dow -308 points or -1.11% at 27653
  • S&P index -34.5 points or -1.07% at 3191
  • Nasdaq down -100 points or -1.11% at 9116

German 10-year bond yields fall to fresh lows since October last year

  
Analysis, Global Indices

10-year bund yields slip to -0.510%

GDBR10Y

Risk tones continue to keep softer in European morning trade, with equities gradually slipping and bond yields easing further on the session.
German 10-year bond yields are now at their lowest levels since early October while 10-year Treasury yields have eased to 1.355% from a high of 1.414% earlier today.
The tilt towards being risk-off can be considered mild relative to what we saw yesterday, so Wall Street will have a lot of tinkering and posturing to do in the session ahead.
Fears surrounding the global economy and the coronavirus outbreak are still casting a large shadow over the market today but it would be unwise to count out the dip buyers after the countless times they have bailed out the market.
Let’s see if they can pull another rabbit out of the hat once again later today.

An ugly day in the European markets. Big declines across the board coronavirus spread.

  
Analysis, Global Indices

German DAX down 4%.

The European markets are now closed and it was an ugly one today. The major indices all fell sharply as global fear about the spread of the coronavirus takes solid hold on growth prospects.  If anything, the uncertainty about the spread is worrying investors.

The provisional closes are showing
  • German DAX fell -4.0%. The low reached -4.4%
  • France’s CAC fell -4.1%. The low reached -4.39%
  • UK’s FTSE 100 fell -3.5%. The low reached -3.91%
  • Spain’s Ibex fell -4.0%.  The low reached -4.32%
  • Italy’s FTSE MIB fell -5.5%. The low reached -6.13%
In the European debt market, the benchmark 10 year yields are mostly lower with the exception of the Italian yield as investors flee the risk from that market.
German DAX down 4%.
In other markets as European/London traders look to exit:
  • spot gold is up $30.68 or 1.087% at 1673.94
  • WTI crude oil futures is getting crushed and is trading down $-2.57 or -4.81% at $50.81
In the US stock market, the major indices are down sharply but off session lows
  • S&P index -100 points or -3.01% at 3237.30. The low reached 3231.52
  • NASDAQ index -3.43 points or -3.59% at 9232.33. The low price reached 9166.00
  • Dow is down -915 points or -3.16% at 28077. The low reached 27995.37

Australia S&P/ASX 200 index down -1.60%

  
Analysis, Global Indices

Cracks below 100 and 200 hour MA

The Australia S&P/ASX 200 index is opening sharply lower. It currently trades down -1.6% at 7025.0.
Cracks below 100 and 200 hour MA
Technically, the price fall has tumbled below its
  • 50 hour moving average at 7126.19
  • 100 hour moving average and rising trend line at 7126.19, and
  • 200 hour moving average at 7051.569

The close risk is now the 200 hour moving average, but traders will likely use the combination of the 100 hour moving average and trend line as the risk for shorts today.

On the downside, the 38.2% retracement of the move up from the 2020 low comes in at 6995.504. That level would be the minimum target to get to and through if the sellers are to probe further to the downside.  The 50% retracement comes in 6933.20.
The fear from the spreading of the coronavirus has increased over the weekend after South Korea put the country on high alert after the number of infections searched over 600 with 6 deaths.  In Italy the number of infected jumped to above 150 from just 3 before Friday with the number of deaths rising to 3.

European indices end the session lower but off lowest levels

  
Analysis, Global Indices
  Tags

German DAX, -0.62%. France’s CAC, -0.62%. UK’s FTSE, -0.54%

The major European indices are ending the session (and the week) lower.
A look at the provisional closes are showing:
  • German DAX, -0.62%. The intra-day low extended to -1.2%
  • France’s CAC, -0.62%. The intra-day low extended to -1.1%
  • UK’s FTSE 100, -0.54%. The intra-day low extended to -0.89%
  • Spain’s Ibex, -0.46%. The intra-day low extended to -0.88%.
  • Italy’s FTSE MIB -1.34%. The intra-day low extended to -1.63%
The changes in ranges for the major stock indices in Europe and US
For the week, the these are ending in the red:
  • German DAX, -1.2%
  • France’s CAC, -0.74%
  • UK’s FTSE 100, -0.17%
  • Spain’s Ibex, -0.72%
  • Italy’s FTSE MIB, -0.49%

In other markets as London/European traders exit for the day shows:

  • S&P index -0.79%
  • NASDAQ index -1.18%
  • Dow -0.68%
Spot gold is trading up $20.06 or 1.24% at $1639.70
WTI crude oil futures are trading down $0.66 or -1.22% of $53.23

Chinese equities wrap up the week with modest gains

  
Analysis, Global Indices

A solid performance on the week

CSI 300

The CSI 300 index closes up by 0.7% while the Shanghai Composite closes up by 0.4% on the day. For the week, the former is up by 2.3% while the latter posts gains of 1.4%.
Chinese authorities continue to keep the calm in the market and the continued injection of liquidity certainly helps in that regard – and it is working.
Both the CSI 300 and Shanghai Composite have pretty much closed the gap from the sharp drop last Monday and this should breathe more confidence among investors ahead of the weekend as coronavirus fears show signs of abating for now.
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