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Equities Sag Post-FOMC, Trump Draws Questions Over TikTok Deal

EQUITIES

Comments from U.S. President Trump which drew questions over the prospects of the TikTok-Oracle deal weighed on sentiment in Asia-Pac hours, with e-minis breaking below their respective Wednesday lows. The NASDAQ 100 contract led the decline, with the contract breaking below its 50-DMA, with bears now targeting the 23.6% retracement of the move from the YtD low to the all-time high. A break there would open the way to the recent lows. Support for the S&P 500 contract is still located at the 50-DMA.

  • Fed Chair Powell underscored understandable concern re: the outlook for the economy in his latest press conference, given after Wednesday's FOMC decision.
  • Asian equities also moved lower, largely driven by the aforementioned matters.
  • Nikkei 225 -0.7%, Hang Seng -1.8%, CSI 300 -0.7%, ASX 200 -1.1%.
  • S&P 500 futures -41, DJIA futures -297, NASDAQ 100 futures -165.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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