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NIKKEI 225 FALLS AS U.S. TARIFFS SPARK FRESH TRADE TENSIONS - Capital Street FX

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    • NIKKEI 225 FALLS AS U.S. TARIFFS SPARK FRESH TRADE TENSIONS
03-Dec
19:11 IST

Nikkei 225 futures are currently trading at 23015-lower by 0.62% as compared to the previous closing. The contract closed in the negative territory in the last trading session also.

In the Cash Markets, the Nikkei 225 lost 0.64% to close at 23,379.81 on Tuesday. The broad-market index dropped as much as 1.46% during the trading session. The Nikkei 225, however, managed to finish above its 25-day MA.

The Japanese benchmark dropped today as tensions about global trade aroused after the U.S. President restored tariffs on Argentina and Brazil. Weaker-than-expected U.S. manufacturing data also dampened investor’s sentiment on Tuesday.

The U.S. President said on Monday that he will restore tariffs on U.S. aluminum and steel imports from Argentina and Brazil. The news raised concerns that President Trump could also re-escalate trade tensions with Beijing.

U.S. ISM data released on Monday showed that the country’s manufacturing sector shrank for a fourth straight month in November.

China on Monday banned U.S. military ships and aircraft from visiting Hong Kong and imposed sanctions on several U.S. non-government bodies. This was done in response to Washington legislation supporting protesters in Chinese-ruled city.

The broader Topix inched down 0.45% to close at 1,706.73 on Tuesday.

Defensive stocks closed mixed on Tuesday. KDDI Corp gained 0.70% while Nippon Telegraph and Telephone Corp dropped 0.75%.

Astellas Pharma dropped 1.11% after the company agreed to buy Audentes Therapeutics Inc. for around $3 billion in cash.

Stocks of Nomura Holdings touched a 1.5 year high today after the company picked joint operations chief Okuda to lead its turnaround. Stocks of the company, however, ended lower by 0.25%.

On the technical front, the RSI is currently at 45.44% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 74% and suggests that the market can move in the downward direction.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion- Limit Buy At 23040 Take Profit At 22900 Stop Loss At 23110

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