Reply To: Traders Market Weekly: Fed Psychosis Reaches Next Level

#34391
Truman
Participant

The global equity markets are mixed but the script has flipped this morning with Asia trading higher while the US and EU are down. S&P Futures are down about 25 points to trade around the 4250 area. High-level talks between Russia and Ukraine took place but appear to have been unproductive. S&P Futures struggled with the 4275 zone acting as solid resistance throughout the night. The market managed to put in a high print of 4282.50, but this was quickly rejected. Spoos are currently sitting closer to the low of 4240.25.

In Asia, both China and Japan closed up on the day. The Shanghai followed Wall Street’s move from the prior day. The overall market was strong but did peel back modestly from the high set in the morning session. In Japan, the Nikkei snapped its four-day losing streak with a robust gain of nearly 4%. Automakers set the pace with names such as Nissan, Suzuki, Toyota and Honda rising 4-9%. Meanwhile, semiconductors also represented strength with Advantest and Tokyo Electron surging 4-5%.

In Europe, the major bourses are retreating. The lack of substantial progress in talks between Russia and Ukraine dampened sentiment. Markets are also waiting the latest update from the ECB, due out later this morning. Corporate earnings remained in focus on Thursday. Carlsberg is down nearly 4% after the brewer suspended its fiscal-year outlook. Hugo Boss is trading about 5% lower after the luxury fashion company reported its fourth quarter results.