Market update - 29 March 2021 | IFCM Hong Kong
IFC Markets Online CFD Broker

Asians higher, EU-50 at an all-time high, and Cable growth!

Asian market closed higher, Nikkie225 gained 0.7% in close, Shanghai 0.5%, and Hang Seng was flat, while ASX was down -0.36%.

European stocks touched their all-time high. The DE30 trading 0.4% higher, FR40 in France also gained 0.4%, while the Euro Stoxx 50 (EU50) gained 0.2%, climbing to an all-time high. But in The U.K., the GE100 index underperformed, falling 0.1%.


While in the U.S., the market is getting more confident about economic recovery, and many are waiting to significant high numbers for NFP in E.U. Despite the Monday gains, Europe's biggest economies still under pressure; as a concern after tightening their restrictions, doubt is growing on how fast the economy can recover itself. However, U.S. future market is under pressure and selling off. DJI and SP500 are losing 0.4%, while NASDAQ is down by 0.3%. The trend started after reports of USD 20 bln Block trades, selling of Chinese tech-giants, and the U.S. media firm ViacomCBS.

Cable got back above its 200 DM in the forex market, gaining 0.4%, showing the market cash-flow to the forex market after the weaker stock market performance. While GBPUSD trading above R1 at 1.3820, the next target will be at 1.3855 (R2). P.P. sets on 1.3775 and supporting the uptrend, while you can see any number above this level.

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Author
Ahura Chalki
Publish date
03/12/23

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