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Japanese Prime Minister Sanae Takaichi: The budget for the next fiscal year will be 24.2% dependent on debt.Japanese Prime Minister Sanae Takaichi: The total amount of newly issued Japanese government bonds in the next fiscal year will reach 29.6 trillion yen.December 25th - As of the midday close on December 25th, the Guotai Junan Silver Futures (LOF) fund hit its daily limit down after consecutive limit-up days. This drop was anticipated by industry insiders. "After the A-share purchase limit was relaxed on November 22nd, arbitrage funds actively subscribed, and since they could be converted to exchange-traded units on T+2, these funds rushed to cash out. This arbitrage activity likely reduced the high premium, causing the exchange-traded price to fall. Although this fund has seen significant gains in the past month, the investment risk is also high," said an industry insider.December 25th - Entering December, traditionally a crucial window for year-end sales surges in the automotive market, the end-of-year period is remarkably quiet compared to the bustling activity of previous years. A strong wait-and-see attitude among consumers is prevalent. A reporter visited nearly ten new energy vehicle brands, including Tesla, Xiaomi, HarmonyOS, and Avita, and found that showrooms were generally sparsely populated and somewhat deserted. An employee at a Xiaomi car store revealed that sales had slightly decreased in December, with only two or three units sold per week. The companys "instant car purchase" promotion had not significantly boosted sales. In fact, industry experts had generally predicted since November that the year-end car market would not see a surge. The rising expectations for a new subsidy policy in 2026 have further reinforced consumers waiting mentality.Saudi Arabia has stated that the Kingdom still hopes the Southern Transitional Council will take proactive steps to halt the escalation of the situation and withdraw its troops from the provinces.

European Open: Reality Check for Risk as China Data Misses

Cory Russell

May 17, 2022 10:43

Indices from Asia:

The ASX 200 index in Australia increased by 18.3 points (0.26 percent) to 7,093.40.


The Nikkei 225 index in Japan has gained 167.78 points (0.63 percent) and now trades at 26,595.43.


The Hang Seng index in Hong Kong has dropped 73.65 points (0.37%) and is now trading at 19,825.12.


China's A50 Index is presently trading at 13,144.84, down -151.19 points (-1.14 percent).


UK and Europe: FTSE 100 futures in the UK are now down -25 points (-0.34%), with the cash market expected to open at 7,393.15 points.


Futures on the Euro STOXX 50 are now down -13 points (-0.35%), with the cash market expected to open at 3,690.42.


The DAX futures in Germany are now down -40 points (-0.29%), with the cash market expected to open at 13,987.93.


Futures in the United States are now down -128 points (-0.4 percent )


Futures on the S&P 500 are now down 69 points (-0.56 percent )


Futures for the Nasdaq 100 are now down -21 points (-0.52 percent )


Form of data To say the least, China today was unimpressive. Because of the lockdowns, we knew it wouldn't be wonderful, yet retail sales, industrial production, output, and investment all fell in lockstep, while the unemployment rate climbed. This dampened mood in the area, with copper reversing early gains and Chinese shares, as well as the AUD/JPY and US futures, trading down.


The fact that there is a light at the end of the tunnel for lockdowns has helped to lessen the pain. Shanghai declared over the weekend that restaurants, stores, and shopping centers will be allowed to return today, and then disclosed that the goal date for reopening is June 1st.


Commodity currencies were once again lower, continuing a trend that began last week. The yen stepped up to the safe-haven plate and even outperformed the US dollar, with USD/JPY shattering a major hourly trendline.


While prices hit resistance around the 100-hour eMA, a bearish divergence emerged on the stochastic oscillator, and the trendline break revealed a rising wedge pattern is in action, targeting the lows at 127.50. For the time being, we'd like to fade into weakness below the 129.50 resistance zone, with the 128.30 support zone serving as a stop-loss.


On Friday, the FTSE 100 had its best day in two months as risk assets rallied ahead of the weekend. It started at the day's low and finished slightly below its 20-day eMA, just off the high.


Despite the day's gloomy end, the stochastic oscillator issued a buy signal on Wednesday. However, a false breach of 7200 on that day signified a swing low ahead of Friday's rebound, which saw it close above the 200-day eMA as well.


We'd like to look for dips inside Friday's range from here, particularly if prices can stay above the 7340–7350 support zone. If that's the case, 7500 is a good intermediate goal before 7600, while a break (or hourly close) below the 200-day eMA at 7269 invalidates our bullish stance.

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