Strategy for the 17th NY – Today’s Tokyo Market Summary: [As China's economic indicators show weakness, the U.S. is set to release its economic indices]
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U.S. economic indicators will influence major indices; bond yields may bring about a NASDAQ breakout depending on the circumstances.
The New York Stock Exchange may stay range-bound on the 17th, but depending on the economic data, there is a possibility of a broad decline.
Chicago and NY index futures are negative; although the declines are not extreme, there is a strong sense of hurry to close positions, with inflationary pressures weighing on sentiment.
Normalization of the economy requires recovering the excess that has been injected into the market so far, and its adverse effects have been strongly reflected in Tokyo growth stocks.
The PER metric is gradually gaining importance, and in the New York stock market, we expect profit-taking to spread mainly among overvalued stocks.
However, if economic indicators deteriorate, expectations for higher interest rates may be eroded, and cyclical stocks could be driven by disappointment selling, though NASDAQ may resist the downside in some scenarios.
In Tokyo, selling pressure intensified mainly around semiconductor-related items, but in the United States, there will likely be profit-taking in the Dow Jones Industrial Average, which has a strong cyclical tilt.
A broad decline might be avoided, but a broad rise is not anticipated; markets may close with mixed performance in the major three indices, and there is a possibility of turning positive depending on U.S. bonds.
Attention events in Europe and the U.S. on the 17th, schedule (red indicates notable)
U.S. May 2023 NY Fed Empire Manufacturing Index (21:30) U.S. May
NAHB Housing Market Index (23:00)
U.S. Q1 3-month TIC Flow (18th 5:00)
Lael BrainardVice Chair of the Federal Reserve, Speech (23:05)
Futures movement 16:00 41 minutes as of now
Dow Jones Industrial Average -124.00
S&P 500 +9.25
Nasdaq 100 -29.75
WTI 65.19 -0.18 -0.28%
Dollar-yen 109.23-24 yen 225 futures 27690 yen【225, Osaka Exchange 16:00 55 as of now
Stock Talk
Market Strategist Takashi Sakaguchi
https://www.kabutalk.com/
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