Elevated Treasury yields, higher oil prices and a gridlock in the US government funding bill serve as prevailing risks for markets to digest.
-0.42% and KOSPI -0.50% at the time of writing. The Hang Seng Index has registered a new nine-month low in yesterday’s session, as increasing risks of a potential liquidation of China Evergrande kept investors shunning. On the data front, China’s August industrial profits registered a softer decline but gains may be more lukewarm as the data still revealed a year-on-year decline while property sector risks linger.
Aside, Australia’s Consumer Price Index data this morning came in line with expectations at 5.2%. The absence of an upside surprise left rate expectations well-anchored for further rate hold from the Reserve Bank of Australia’s next week, but there are still some indecision over the need for additionalearly next year. This is considering that the inflation data still revealed some persistence with an uptick in pricing pressures from previous 4.
Thus far, its daily RSI has struggled to cross above the key 50 level. Greater conviction for sellers may come from a breakdown of the US$22.20 level, where a horizontal support stands. Failure for the level to hold may pave the way to retest the US$20.60 level next. On the upside, the recent top at the US$23.75 level has proved to be an immediate resistance to overcome.
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