GameStop is back! It has already surged by 14% in pre-trade hours.
Asian equities seesaw
On Thursday, Asian equities seesawed, with China extending losses because market participants fretted about decelerating global surge against the backdrop of soaring American interest rates as well as trade tensions.
American stock futures went down following a bounce in Wall Street overnight, thus affecting fragile investor sentiment after October’s rout and abrupt sell-offs for the last time.
MSCI's index of Asia-Pacific equities slumped having soared by 0.2%. In November, the index generally held up following three monthly dives in a row. However, it’s on track for its worst annual dive since 2011.
As for Japan's Nikkei, it rebounded from morning maximums. Chinese equities generally slumped having started higher, with the blue-chip index decreasing by 0.8%. The Hang Seng index went down by 0.1% in Hong Kong.
The China-US trade conflict is still the number one concern for financial markets. Moreover, traders are also worried by weakening corporate revenue, abrupt sell-off in tech equities as well as soaring American interest rates. All of this encourages traders to take funds off the table before year-end.
On Thursday, Singapore told that trade clashes will probably affect economic surge in the city state. It’s considered to be a bellwether for international investment and trade.
E-Minis for the S&P 500 stood still, while FTSE futures lost 0.1%.
Overnight, the benchmark S&P 500 stock index concluded up, although keeping to session minimums, while the Dow was intact ahead of the American Thanksgiving holiday.
Market participants are looking to a gathering between American leader and his Chinese rival Xi Jinping late in November for any clues of a de-escalation in the trade conflict between the economic superpowers.
In addition to this, traders will closely watch manufacturing activity reports from the European bloc, Japan, and America due over the coming week.
The Japanese yen rallied to 112.99 against the greenback.
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