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Nikkei 225 Sinks With Mazda Stock, Wall Street Faces Volatility

Nikkei 225 Sinks With Mazda Stock, Wall Street Faces Volatility

Daniel Dubrovsky, Strategist

Asia Pacific Markets Talking Points

  • Nikkei 225 facing support, weighed down by Mazda Motor Corp
  • US tariff threats on Mexico pose a risk for Japanese car makers
  • S&P 500 hints risk aversion, will Fed rate cut bets cool markets?

Find out what retail traders’ equities buy and sell decisions say about the coming price trend!

Asia Stocks News

Asia Pacific equities traded mixed on Friday, with the worst-performing indexes in Japan. The Nikkei 225 dropped about 0.8% before Tokyo close, lead lower by automotive shares. Mazda Motor Corp was down over 6% as it flirted with closing at its lowest since 2013.

Subpar performance there may have stemmed from the US threatening to raise tariffs on all Mexican imports. The risk of higher prices from North America could bode ill for Japanese carmakers such as Honda too, the nation imports vehicles from the region to sell domestically.

Things were looking slightly better off in China and in Australia, where their benchmark indexes, the Shanghai Composite and ASX 200 respectively, traded relatively flat. South Korea’s KOSPI fared slightly better, climbing about 0.2%.

The Remaining 24 Hours

S&P 500 futures are pointing notably lower, hinting that risk aversion may prevail in the remaining 24 hours. In fact, the index appears to be facing a similar scenario as during the panic selloff from Q4 2018. It could take a rate cut from the Fed to stem declines.

US-China talks appeared to have stalled, with Beijing looking to potentially curb sales of rare-earth minerals to the United States. Meanwhile, Trump’s threat of levies on Mexican products casts uncertainty over the ramification of the USMCA.

Given the Fed’s data-dependent approach, all eyes are on US core PCE to gauge inflationary pressures. At 12:30 GMT, this data, which is the Fed’s preferred measure of inflation, will cross the wires. A softer-than-expected outcome may fuel rate cut bets, perhaps cooling risk aversion.

Nikkei 225 Technical Analysis

Taking a closer look at Nikkei 225 futures to show afterhours trade, the index sits right on top of key support at 20680. If broken, this may open the door to extending the near-term downtrend. However, positive RSI divergence warns of fading downside momentum.

Nikkei 225 Futures Daily Chart

Nikkei 225 Sinks With Mazda Stock, Wall Street Faces Volatility

Chart Created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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