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ASIA STOCKS: Asian Equities Edge Higher As Commodities Find Support

ASIA STOCKS
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Asian equities are broadly higher today, buoyed by optimism in U.S. equities and easing yields. South Korean stocks rose modestly, led by Samsung following a share buyback plan and strong gains in oil refiners and gaming stocks. Japanese equities gained as a weaker yen boosted exporters like Toyota. Gold miners rallied across Asia, tracking bullion’s rise after Goldman Sachs reaffirmed its $3,000 price target by 2025. In Australia, the ASX neared record highs on bullish mining sector forecasts from Morgan Stanley. Meanwhile, Hong Kong investors focused on a key financial summit amid concerns over China’s economic challenges and property sector woes. Oil prices stabilized after Monday's geopolitical-driven surge, while Bitcoin traded near all-time highs.

  • Investors are eagerly await Nvidia's earnings which will be reported on Nov 21. Semiconductor stocks have struggled the past week, the Philadelphia SE Semiconductor Index did gain 1.13% on Monday, although still trades 5.19% lower for the past week.
  • Foreign investors continue to sell South Korean equities, although momentum is slowing with just -$67m of outflows so far today.
  • US equity futures are slightly higher today, with Nasdaq 100 futures continuing to outperform both S&P 500 and Dow futures. However ranges are tight.
  • Looking at S&P 500 Eminis technicals, the move lower last week appears corrective. Medium-trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract tested the 20-day EMA on Friday, however trades back above it at the moment. The next key support to monitor is 5833.83, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 6053.25, the Nov 11 high.
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Asian equities are broadly higher today, buoyed by optimism in U.S. equities and easing yields. South Korean stocks rose modestly, led by Samsung following a share buyback plan and strong gains in oil refiners and gaming stocks. Japanese equities gained as a weaker yen boosted exporters like Toyota. Gold miners rallied across Asia, tracking bullion’s rise after Goldman Sachs reaffirmed its $3,000 price target by 2025. In Australia, the ASX neared record highs on bullish mining sector forecasts from Morgan Stanley. Meanwhile, Hong Kong investors focused on a key financial summit amid concerns over China’s economic challenges and property sector woes. Oil prices stabilized after Monday's geopolitical-driven surge, while Bitcoin traded near all-time highs.

  • Investors are eagerly await Nvidia's earnings which will be reported on Nov 21. Semiconductor stocks have struggled the past week, the Philadelphia SE Semiconductor Index did gain 1.13% on Monday, although still trades 5.19% lower for the past week.
  • Foreign investors continue to sell South Korean equities, although momentum is slowing with just -$67m of outflows so far today.
  • US equity futures are slightly higher today, with Nasdaq 100 futures continuing to outperform both S&P 500 and Dow futures. However ranges are tight.
  • Looking at S&P 500 Eminis technicals, the move lower last week appears corrective. Medium-trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract tested the 20-day EMA on Friday, however trades back above it at the moment. The next key support to monitor is 5833.83, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. A resumption of gains would refocus attention on the bull trigger at 6053.25, the Nov 11 high.