Asian Stocks Mixed

Asian Stocks Mixed as Coronavirus Cases Rise, Crude Oil Sharply Higher  

Coronavirus cases rise
Coronavirus cases rise

Asian indices finished mixed, as the coronavirus cases continue to rise around the globe. Economic data is starting to show some of the damage caused by the coronavirus outbreak to the economy. The good news came from China with stronger than expected manufacturing data, while the Tankan survey in Japan came lower than expectations. 

The Nikkei 225 ended 1.37% lower at 18065; The Singapore Straits Times closed down 0.15% at 2436, the Shanghai Composite index closed 1.69% higher at 2780. The Hang Seng was 0.45% higher at 23192. 

European stocks are trading slightly higher. The German DAX is 0.35% higher at 9,582. CAC 40 index is 0.51% higher at 4,228, while the FTSE MIB in Milan is 0.40% higher at 16,608. In London, the FTSE 100 is 0.47% higher at 5,479.  

In commodities markets, crude oil price trades sharply higher. WTI crude oil is 9.25% higher at $22.19, while the Brent oil is 6.14% higher at $27.23 per barrel. 

The gold price is 0.65% higher at 1584. The gold initial resistance stands at $1,703 the March high, while the initial support stands at $1,451, the low from March 16 trading session. Silver (XAGUSD) is 0.17% higher at $13.95.    

BTCUSD Daily Chart
BTCUSD Daily Chart

Cryptocurrencies are trading slightly higher. Bitcoin’s (BTCUSD) price is 0.21% higher at $6,663, hitting the daily low at $6,302 and the daily high at $6,754. Bitcoin’s (BTCUSD) technical picture remains bearish, as the number one cryptocurrency trading below all the major daily moving averages. The first support for BTCUSD stands now at $4,431 the low from March 14. On the other hand, immediate resistance stands at $6,860, the previous week high, while the next strong resistance will be met at 10,495 the yearly high.

Ethereum is 1.18% higher, at 137.58 with capitalization at 15.22 billion. The initial resistance for Ethereum stands at 144.05 the previous week high, while the support stands at $102.00 the low from March 16th trading session. Ripple – XRPUSD is 0.78% higher at 0.1765. Litecoin (LTCUSD) is 0.97% higher at 39.70. The crypto market capitalization stands now at $186.29 billion.

In the Lookout: The Switzerland Consumer Price Index came in at 0.1% in line with forecasts in March. 

Moody’s cut Australia’s banking system outlook to negative from stable. 

The People’s Bank of China has set the Yuan reference rate at 7.0995 above yesterday’s fix at 7.0771.

Trading Perspective: In the foreign exchange markets, EURUSD is 0.25% lower at 1.0933, the Australian dollar is 0.59% higher at 0.6107 against the U.S. greenback. The Yen is weaker against the US Dollar; the USDJPY is 0.12% higher at 107.27. NZDUSD trades 0.83% higher at 0.5963.

cases rise
USDJPY Daily Chart

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