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Home News Forex Broker News fpmarkets

Hong Kong Stocks Fly as Pro-Democracy Candidates Win Local Elections 25/11/19

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Australian stocks rose despite controversy within the financial sector. Problems escalated last week when banking giant, Westpac, said that it had breached money laundering laws 23 million times. The bank now faces a record fine as Australian authorities ramp up their investigations. Over the weekend, Afterpay, became the latest firm to confirm that it had breached these laws as well. Afterpay is a fintech company that enables people to shop from their favourite stores on credit. The ASX rose by 23 points but the financial sector continues to lag.

Table of Contents

    • AUS200 Technical Analysis
    • Stocks Rise on Trade Optimism
    • US500 Futures Technical Analysis
    • Hong Kong Stocks Soar on Local Elections
    • HK50 Technical Analysis
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AUS200 Technical Analysis

AUS200 rose to a high of $6760, which was the highest level since Wednesday last week. The index then pared those gains and is now trading at $6434.45. The index current price is along the 50% Fibonacci Retracement level. The price is along the 14-day moving averages but slightly above the 28-day moving averages. The RSI has moved from above the overbought level to the current 56. The index may continue moving lower after hitting the 61.8% Fibonacci Retracement.

Stocks Rise on Trade Optimism

Asian stocks and global futures rose during the Asian session as traders reacted to positive signals from China. Over the weekend, China said that it would put more penalties on violations of intellectual property rights. This is one of the most important demands by US negotiators. The country also announced that it would lower the thresholds for criminal punishments for people who steal intellectual property. While this is a positive move by China, the main concern among US negotiators is how they will be enforced.

US500 Futures Technical Analysis

US500 rose to a high of $3121 on hopes that a trade deal will be made. The price is above the 14-day and 28-day moving averages while the RSI has been soaring. The signal and main line of the MACD has been climbing too. The index may continue to soar for the rest of the day. The market will be focusing on the upcoming thanksgiving weekend and several corporate earnings from the likes of PVH and Movado.

Hong Kong Stocks Soar on Local Elections

Hong Kong stocks soared today as the markets received results from Sunday’s local government elections. These were the first elections since the country started to face large anti-China protests. The protests were sparked by a new bill that was supposed to allow Hong Kong citizens to be extradited to China. They continued as protesters demanded the release of political prisoners. Pro-democracy members won by a landslide in the election that was held yesterday. They won at least 12 of the 18 district councils. Meanwhile, investors cheered the fact that Alibaba’s Hong Kong offering was oversubscribed.

HK50 Technical Analysis

The Hang Seng soared to a high of $27,160. This was a 1.57% increase from Friday’s close of $26,710. The price is above the 14-day and 28-day moving averages on the hourly chart. The RSI has moved from a low of 20 to the current 64. The price is also along the 38.2% Fibonacci Retracement level. The index may continue to rise as global investors return.

The post Hong Kong Stocks Fly as Pro-Democracy Candidates Win Local Elections 25/11/19 appeared first on FP Markets.

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