us tariff threats impact markets as china's pmi shows mixed signals

IG

The US economic indicators and market reactions are being closely watched by market participants as they anticipate crucial data that could impact the Federal Reserve's monetary policy decisions.

Non-Farm Payrolls Report

The upcoming non-farm payrolls report is expected to show a rebound in job additions for November. This report will be pivotal in shaping expectations for a potential rate cut in December.

In the Asian markets, trading has started quietly, but uncertainty looms due to fresh tariff threats from US President-Elect Donald Trump targeting BRICS nations. This geopolitical tension could lead to mixed reactions among investors as they assess the implications on global trade dynamics.

China's PMI Data

China's recent PMI data has shown a slight improvement in manufacturing, suggesting that stimulus measures may be yielding positive results. However, the services PMI has underperformed, indicating weak domestic demand as a significant hurdle for the Chinese economy.

Market participants are eagerly awaiting the upcoming Caixin PMI data to gain insights into the economic activities of smaller private-sector companies and assess further signs of economic stabilization.

Hang Seng Index

The Hang Seng Index is currently attempting to stabilize after a challenging November sell-off. It is trading within a falling wedge pattern, with the potential for a breakout if it can reclaim the key psychological level of 20,000.

Technical indicators, such as the daily relative strength index (RSI), are being closely monitored, and a breach of the November low at 18,960 could signal further declines in the market. The interplay of these technical factors, along with external economic influences, will be critical in determining the trajectory of the Hang Seng Index in the coming days.

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