Chinese Markets Shrug off Weak Trade Data

Chinese Markets Shrug off Weak Trade Data
by, Staff, Bullish University

Chinese markets shrugged off weaker-than-expected trade data this morning and the rest of the Asian and Pacific Rim was relatively mixed on a day where oil lost value and there was not a lot of news to sway sentiment. Markets floated this morning making it hard for binary options traders to get a feeling on direction.

The main stock bourses on mainland China shrugged off poorer than expected trade data which confounded binary options strategy this morning. September saw China’s exports fall 10 percent, year on year in dollar denominated terms. Exports fell 1.9 percent annually last month has well. In yuan terms, exports fell 5.6 percent and imports rose 2.2 percent. The Shanghai Composite rose 0.09 percent and the Shenzhen Index gained 0.24 percent. Stocks in Hong Kong lost over 1.2 percent on the day.

In corporate news out of South Korea, shares of electronics giant Samsung Electronic rose 1.25 percent on the day. Broadly speaking the South Korean Kospi fell 0.9 percent to close to 2,015.44.

Samsung announced it was cutting its third quarter profit guidance by one third (33 percent) to 5.2 trillion won. This is in thanks to the massive recall and cancellation of their popular Galaxy Note 7 smartphone line which has been plagued by fire issues.

The Bank of Korea held their lending rate and monetary policy steady this morning. Their lending rate was kept at 1.25 percent for the fourth consecutive month. Binary options traders should note that the Korean won fell against the US Dollar. At 2:30 pm HK time the won was trading at 1,134.60 compared to 1,120 last week.

In Japan, the headline Nikkei 225 was down almost 0.4 percent thanks to the weaker trade data from China as well as a stronger yen. The USD/JPY Forex pair was trading near 103.79 by 2:20 pm HK time.

In Thailand, binary options traders saw the SET fall another 2.1 percent as their King Bhumibol Adulyadej remains in critical and unstable condition in the hospital. He is 88 years old and his health began failing after his latest hemodialysis treatment. The SET was down nearly six percent on Wednesday as the king’s health continues to fail.

In other corporate news, shares of Sony on the Nikkei exchange, rose 2.2 percent after the Japanese electronics maker released its PlayStation VR (PS VR). Suzuki Motor rose over 2.2 percent and Toyota was up 0.2 percent after the two automakers announced they would explore a partnership. Those trades trading binary options with these companies should adjust strategy as news comes in. The alliance is still not clear so there is nothing to incorporate into your strategy as of yet. The alliance will bode well for their medium term earnings forecasts as well as growth prospects for both companies.

Suzuki will benefit greatly from more efficiency and better research and development as well as capex for autonomous driving. They will also get more insight into electric drive train technology.

Taking a quick look into today’s Forex markets, binary options traders should note the US Dollar in particular. The US Dollar Index, which tracks the almighty buck against a basket of six currencies, was trading at 97.975 this morning. The GBP/USD fell 0.18 percent during the morning trading session to trade at 1.2170. There Sterling Dollar was near the 1.24 level last week.

 

from Bullish University http://ift.tt/2elFvy4