Hang Seng End Up
At the close of trading beginning of last week, the Hang Seng index in Hong Kong Stock Exchange closed up 70.41 points, or 0.35 percent, at 20440.81. Strengthening the Hang Seng index pushed inflation data supported China’s lower-than-expected government raised optimism that Beijing will continue easing monetary policy.
China’s inflation slightly below forecasts on an annual basis in March, while producer prices slightly better than expected.
The consumer price index (CPI) rose 2.3 percent on an annual basis in March, compared with 2.5 percent forecast by a Reuters poll and in line with the February level of 2.3 per cent on an annual basis. While consumer inflation in March fell 0.4 percent.
China’s stable inflation provides a positive expectation to be able to pursue the inflation target of 3 percent of the Beijing government.
At the end of trading yesterday, shares rose highest shares of China Shenhua Energy Co Ltd which rose 3.57%, Li & Fung Ltd. shares rose 2.86%, shares of Sino Land Co Ltd rose 2.72%, shares of Hengan International Group Co Ltd rose 2.27%, shares of China Resources Land rose 2.15%.
While the movement of the Hang Seng index futures tracked down -7 points or -0.03% at 20,533.00, down from the previous closing at 20,540.00.
Technically,
Resistance: 20600 20710 20820 Prev. High / Low: 20580/20174
Support: 20410 20350 20240 Closed Price: 20540
Comment: For intraday trade today suggest Sell at the level of 20780 stop loss at the level of 20630 the target at the level of 20300.
Yen Weakened Against Dollar
Yen in Asian trade observed a weakening, Tuesday (12/4) as of bank lending has decreased.
USDJPY rose 12:17% to 108.12. Released by the BoJ, bank lending in March fell to 2.0% from the previous level of 2.2%.
Of the Central Bank Governor said exchange rate monitor outcomes, and that they will add more stimulus without hesitation if necessary.
Technically,
Resistance: 108.50 108.90 109.30 High / Low: 108.24 / 107.85
Support: 106.90 107.30 107.70 Running Price: 108.11
Comment: For intraday trade today suggest Buy at the level of 107.45 stop loss at the level of 107.25 the target at the level of 108.95.
Oil Dropped Due On Doha Meeting
Oil prices fell back, fell to below $ 40 a barrel, on the previous day after a number of banks to erode the hope that the meeting of oil producers in Qatar on Sunday can improve the balance of demand and supply at present.
Goldman Sachs analysts, who had forecast average price of oil at $ 35 per barrel in the second quarter, warned that the results of the meeting will probably be bearish for oil prices.
Barclasy also warned that the meeting will probably have a limited impact given the number of oil producing countries are likely to increase output probably will not be involved in the clotting of output.
Azerbaijani oil producing countries, who attended a meeting in Doha later, saying that output has fallen by around 1.6% in the first quarter compared to a year llau be 10 496 million tonnes.
BMO Capital Markets cut its forecast for oil prices of WTI to $ 38 per barrel from $ 41.50 the previous.
However, analysts estimate that the long-term outlook for oil will be less bearish, with increasing demand. Bernstein Research estimates that global oil demand will grow at an annual rate of 1.4% during the year 2016-2020 compared with growth of 1.1% in the past decade.
Technically,
Resistance: 40.60 41.00 41.50 High / Low: 40.34 / 40.12
Support: 40.00 39.50 38.80 Running Price: 40.24
Comment: For intraday trade today suggest Sell at the level of 40.80 stop and reversal during a break above the 41.10 level targets at the level of 39.15 and target of reversal at the level of 41.90.
