With the US markets back from its holiday break, greater cues for the risk environment may be presented this week. - IG

Asia Open

Asian stocks look set for a mixed open, with Nikkei +0.16%, ASX -0.18% and KOSPI +0.52% at the time of writing, as sentiments await greater cues for direction with a return of trading volume this week. Singapore’s industrial production data last Friday has surprised significantly on the upside (7.4% year-on-year versus -2.1% forecast), which helped to push back further on recession risks. Any follow-through from recent expansion will be on watch over the coming months to mark an improving trend in global demand.

Aside, the economic calendar this morning saw the contraction in China’s industrial profits ease for the eight straight months on a year-on-year basis (-7.8% in October versus -9% forecast). While conditions have been improving, it also indicates that recovery has been slow. From the series of economic data lately, recovery momentum has also been on-and-off, which will continue to leave market participants seeking for further improvement in the data for some much-needed conviction.

For the China A50, a series of resistance may have to be overcome to mark a trend reversal to the upside. Thus far, the index has struggled to cross a downward trendline resistance, alongside its Ichimoku cloud resistance on the daily chart, which kept its prevailing downward bias intact. Recent attempt to bounce has been short-lived, and a move above the 12,300 level may be warranted to indicate buyers in greater control. For now, further downside may leave its October 2022 bottom on watch for a retest.

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2023-11-27 02:26:52Z
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