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Asian Markets follow Wall Street’s Rally Higher

asian, china, japanAsian markets gained this morning. They followed the rally seen on Wall Street, overnight, as traders, at least for now, put escalating trade war tensions aside. These are still simmering as both the United States and China recently hit one another with trade tariffs.

The Asian benchmark, in Japan, the Nikkei 225 was up 0.85 percent. This extended yesterday’s bounce of 1.2 percent. Most sectors were in positive territory. This includes financials and exporting names. Fast Retailing shares were up. They gained 0.84 percent. Fanuc, the robotics and automation manufacturer, also traded higher. Shares gained 1.42 percent.

Across the Korean Strait, the Asian bench mark in South Korea, the Kospi composite index was also higher. This market was up 0.72 percent. The country’s steelmakers recovered some losses. They were down in the previous session. Large cap technology stock, however, were mixed. Blue chip Samsung Electronics was higher. Shares gained 1.64 percent.

Asian Markets in China and Australia also showed some Early Strength Tuesday

In Hong Kong, the Hang Seng Index (HIS) was up. Shares rose 0.67 percent. The energy sector led the broader market higher. Mainland Chinese bourses were also higher today. These indices extended their sharp rally on Monday. The Chinese benchmark Shanghai composite was up 0.13 percent.

Meanwhile in Australia, the S&P ASX 200 lost steam after early gains. The benchmark was last down 0.18 percent. The financial sub-index moved into the red weighing on the broader market.

Regional traders were watching headlines out of the United Kingdom as two high profiled ministers, including the nation’s foreign minister resigned in protest over Prime Minister Teresa May’s Brexit plans.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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