Hang Seng Sets Fresh 2023 Lows on Renewed Property Woes Ahead of China’s Golden Week
HKG33 falls to the lowest levels in nearly a year on fresh concerns around China’s troubled real estate market, as the Golden Week approaches
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HKG33 falls to the lowest levels in nearly a year on fresh concerns around China’s troubled real estate market, as the Golden Week approaches
Similar to yesterday’s article, the NAS100 is also showing worrying signs of technical weakness. Like the SPX500, the NAS100 has charted a lower peak followed by a lower trough. This puts the growth index into a defined downtrend. Its weekly RSI has also dipped below 50, which is on the bearish side of the indicator. If it maintains below 50 for an extended period, the NAS100 will be under pressure.
As we head towards the conclusion of Q3 at the end of the month, the SPX500 has flashed a serious warning sign. The index has charted a lower peak followed by a lower trough on the weekly times frame. This is a defined downtrend.
The tech heavy index runs a negative week and month, as the Fed pointed to tighter policy path ahead than previously thought, counter-weighing the AI optimism which has subsided
Weakness is starting to seep into the NAS100, with the index charting a lower peak.
The Bank of England got some encouraging news ahead of Thursday’s decision, as inflation eased in August according to today’s data and the UK index reacted higher
The tech-heavy index treads water as Arm slides after its strong IPO and market participants turn their attention to Wednesday’s policy decision by the Fed
Since the end of July, the US 10-year real yield has been moving upwards. US data has been strong, and inflation is proving to be sticky. The thinking has shifted that rates may be higher-for-longer.
The European Central Bank hiked rates for tenth straight time on Thursday, but the language was dovish indicating the that the terminal rates may have been reached, helping the German index
After a constant stream of poor economic data, today’s releases offer a glimmer of hope around China’s faltering recovery, helping HKG33, along with new supporting actions by the central bank
CPI inflation rose yesterday, but the index managed to look past that and is upbeat today, as markets focus to the hottest IPO of the year, as chip-designer Arm is expected to begin trading publicly today
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