MNI China Daily Summary: Thursday, November 21

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MNI: UK OCT PSNCR GBP11.13 BN

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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EQUITIES: Recent Weakness in E-Mini S&P Appears Corrective

EQUITIES
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A bearish theme in the Eurostoxx 50 futures contract remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4838.11, the 20-day EMA. Recent weakness in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through support at the 20-day EMA and the next key support to monitor is 5838.64, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. The bull trigger is at 6053.25, Nov 11 high. A break would resume the uptrend.

  • Japan's NIKKEI closed lower by 326.17 pts or -0.85% at 38026.17 and the TOPIX ended 15.48 pts lower or -0.57% at 2682.81.
  • Elsewhere, in China the SHANGHAI closed higher by 2.415 pts or +0.07% at 3370.404 and the HANG SENG ended 103.9 pts lower or -0.53% at 19601.11.
  • Across Europe, Germany's DAX trades lower by 32.42 pts or -0.17% at 18972.93, FTSE 100 lower by 3.85 pts or -0.05% at 8081.4, CAC 40 down 36.14 pts or -0.5% at 7162.31 and Euro Stoxx 50 down 21.11 pts or -0.45% at 4708.6.
  • Dow Jones mini down 74 pts or -0.17% at 43442, S&P 500 mini down 22.5 pts or -0.38% at 5915.25, NASDAQ mini down 103.75 pts or -0.5% at 20644.75.
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A bearish theme in the Eurostoxx 50 futures contract remains intact. A fresh cycle low this week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle. This exposes 4662.12, the 76.4% retracement point. Initial firm resistance has been defined at 4961.00, the Nov 6 high, where a break would highlight a reversal. First resistance is at 4838.11, the 20-day EMA. Recent weakness in the S&P E-Minis contract appears corrective. Medium-term trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through support at the 20-day EMA and the next key support to monitor is 5838.64, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement. The bull trigger is at 6053.25, Nov 11 high. A break would resume the uptrend.

  • Japan's NIKKEI closed lower by 326.17 pts or -0.85% at 38026.17 and the TOPIX ended 15.48 pts lower or -0.57% at 2682.81.
  • Elsewhere, in China the SHANGHAI closed higher by 2.415 pts or +0.07% at 3370.404 and the HANG SENG ended 103.9 pts lower or -0.53% at 19601.11.
  • Across Europe, Germany's DAX trades lower by 32.42 pts or -0.17% at 18972.93, FTSE 100 lower by 3.85 pts or -0.05% at 8081.4, CAC 40 down 36.14 pts or -0.5% at 7162.31 and Euro Stoxx 50 down 21.11 pts or -0.45% at 4708.6.
  • Dow Jones mini down 74 pts or -0.17% at 43442, S&P 500 mini down 22.5 pts or -0.38% at 5915.25, NASDAQ mini down 103.75 pts or -0.5% at 20644.75.