Weak Hong Kong data bearish for HK50
Hong Kong economic data of the latest week were weak. Retail sales fell in July, consumer prices inflation reversed into deflation, balance of trade deficit was bigger than expected, and Hong Kong Private sector performance deteriorated in August. Thus, retail sales fell 23.9% over year in July after 25.3% drop in June. Consumer price index declined 2.3% over year in July after 0.7% growth in June. Balance of trade deficit was H$-29.8 billion after H$-33.3 billion in June when a narrowing to H$-27 billion was forecast. And yesterday Markit reported Hong Kong PMI fell to 44.0 in August from 44.5 a month earlier. Readings below 50 indicate sector contraction. Continuing weakness in economic activity is bearish for HK50.
Indicator | VALUE | Signal |
---|---|---|
RSI | Neutral | |
MACD | Sell | |
Donchian Channel | Sell | |
MA(200) | Sell | |
Fractals | Sell | |
Parabolic SAR | Sell |
Summary of technical analysis
Order | Sell |
Buy stop | Below 24468.6 |
Stop loss | Above 25196 |
Market Analysis provided by IFCMarkets.com
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024