Wall St stumbles, Hong Kong Stocks Fall
Hong Kong stock index fell to its lowest close 10 weeks on Yesterday, after a dismal day on Wall Street.
The Hang Seng Index fell 0.7 percent, to 19,915.46, its lowest close since March 1. The China Enterprises Index lost 0.4 percent, to 8,413.72 points.
Shares of online game developers Boyaa Interactive International Ltd slumped to a record low after the company said its chairman is being investigated by the judicial authorities in China.
Macau gambling shares fell with China MGM Macau leading the slide after the government said it will tighten regulations for junket operators.
The energy sector was the only major stocks ended with gains.
Technically,
Resistance: 19870 19950 20100 Prev. High / Low: 20008/19730
Support: 19720 19670 19600 Closed Price: 19801
Comment: For intraday trade today suggest Buy at the level of 19700; stop loss 19650; targets 20010.
GBPUSD Gains
The pound rose against the dollar yesterday as policymakers Bank of England, led by Governor Mark Carney to keep interest rates, although they also warned to decrease the “sharp” in the currency and the worsening economic outlook if England chose to leave the EU in front.
Sterling climbed against most currencies as minutes of the BoE meeting showed that the nine-member Monetary Policy Committee unanimous in their decision to keep the benchmark rate at a record low 0.5%, where it had stood since March 2009. The result of the decision in accordance with estimates of all of 41 economists surveyed by Bloomberg.
Currency analyst at Commerzbank AG in Frankfurt said that the deteriorating sentiment towards Brexit because of the uncertainties related to the vote, but of course it was not enough to support another rate cut at that point and therefore we see a stronger pound. Speculation that the people would vote to cut interest rates a bit excessive.
Technically,
Resistance: 1.4480 1.4520 1.4560 High / Low: 1.4450 / 1.4441
Support: 1.4400 1.4360 1.4310 Running Price: 1.4442
Comment: For intraday trade today suggest Sell at 1.4460; stop loss at the level of 1.4495; the target at the level of 1.4365.
Crude Oil Prices Rise Supported By IEA Statement
Crude oil prices edged higher in late trading yesterday, triggered statement of the International Energy Agency (IEA), which states increased demand and reduced production, overcoming the increase in US crude oil storage.
In early trading, the price of crude oil futures West Texas Intermediate (WTI) surged to a peak in 2016 after the International Energy Agency (IEA) raised its forecast of world oil demand growth in 2016 to 1.2 million barrels per day (bpd) from 1.16 million in April.
Brent crude oil futures also rallied early by the IEA, the energy watchdog of the western world, which records the output from Nigeria, Libya and Venezuela down 450,000 bpd from a year ago.
US crude oil futures price of West Texas Intermediate (WTI) rose 1 percent higher, or 47 cents, at $ 46.70 on Thursday, after earlier reaching $ 47.02, its highest level since early November.
While the price of Brent crude oil futures traded on the international $ 47.99, up 0.8 percent. Reached an intraday high of $ 48.12.
Both benchmark crude oil dropped after the company reported an increase in market intelligence Genscape 548 923 barrels at the delivery point of Cushing, Oklahoma for WTI futures for a week until May 10.
Genscape data includes the week when about 1 million barrels per day of Canadian crude oil supplies were halted as a result of forest fires in the oil sands region of Alberta. Data worrying traders for crude oil normally flows to Cushing.
US Energy Information Administration (EIA) said on Wednesday that US crude oil inventories fell 3.4 million barrels to 540 million barrels last week, compared with analyst expectations for a 714,000 barrel rise and the American Petroleum Institute (API) reported a build of 3.5 million barrels in preliminary data released on Tuesday.
Technically,
Resistance: 46.80 47.39 47.90 High / Low: 46.39 / 46.30
Support: 46.00 45.50 45.00 Running Price: 46.32
Comment: For intraday trade today suggest Sell at 47.00; stop and reversal during a break above the 47.30; targets at the level of 45.50 and target of reversal at the level of 48.25.
