China inflation miss, reopening of the economy under focus
The global stock market under pressure in today’s trading session as China misses the inflation target. Analysts expected the country to record a PPI decline of 2.6% while the actual data show a 3.1% decline y/y. It seems the number will influence results from other countries too.
Meanwhile, DJIA futures lower 50 points at the current time and show a cautious mood. Traders and investors are waiting for the reopening of the economy and the result. Nothing much to expect at the moment, the sentiment could change radically depending on the progress of the reopening of the economy.
In Asia, more countries reported a surge in new coronavirus case which is not a good sign.
Asian & European Stock market
The Asian stock market mostly lower today after China miss the inflation target. Japan stock market down 24.18 points (-0.12%) to 20,366.48, China stock market down 3.25 points (-0.11%) to 2,891.56 and Australia ASX 200 down 58.20 points (-1.07%) to 5,403.00. The European stock market traded back and forth the bullish and bearish area. DAX Germany up 0.05%, FTSE UK up 0.51%, Euro STOXX 600 up 0.22%
Dow Jones Industrial Average (INDU)
DJIA situation show not much change as the index continue stick near 22,500 – 24,250 area. No bearish rejection from the 24,250 and there is no major breakout above the level. It seems the consolidaiton will continue for now inside the range. It is better to wait sideline until major reaction happen.
Qualcomm Inc (QCOM)
QCOM share prices has returned to the daily SMA 200 after it bounced from $58.00. The market current outlook is neutral as traders and investors waiting for the reopening of the economy. QCOM might get rejected from the averages and traders could short the share prices with daily SMA 50 as an initial target.