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ASX 200 futures are currently trading at 6685-lower by 0.29% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.
In the Cash Markets, the ASX 200 lost 0.74% to close at 6,672.90 on Thursday. The index ended in negative territory today pressured by losses in Westpac Banking Corp and also on rising Sino-U.S. trade tensions.
Financial shares which have high weightage in the index lost about 1% to close at their six-month lowest level. Westpac Banking Corp dropped 1.99% today to end its trading day at its lowest level since 4th February.
The bank’s stocks fell after the country’s financial crime regulator on the prior day alleged that the company was involved in money laundering and had violated laws on various instances.
The Australian PM said today that the board of lender must review the position of its CEO.
The other three of the big four banks also underperformed today.
The sentiment was also dampened after the U.S. Senate passed legislation backing protesters in Hong Kong, which drew criticism from China.
Mining shares fell today and were among the worst affected by the Sino-U.S. trade tensions. BHP Group dropped 1.37% and Fortescue Metals Group fell 1.83%.
Australian healthcare and technology shares each declined by about 1% on Thursday.
The energy sub-index fell 0.5% to close its lowest level in two weeks.
On the economic front, the preliminary reading of the Manufacturing PMI for November is scheduled to be released early on Friday. The PMI reading is expected to fall to 49.8 from 50.0 in the previous month.
In addition, the preliminary reading of the Services PMI for November is also scheduled to be released early on Friday. The PMI reading is expected to rise to 53.5 from 50.1 in the previous month.
On the technical front, the RSI is currently at 48.3% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands but is heading upwards.
Overall Bias is Positive and Short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion- Limit Buy At 6679 Take Profit At 6713 Stop Loss At 6662