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NYSE reverses delisting move

NYSE reverses delisting move - MarketPulseMarketPulse

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NYSE announcement lifts China markets

The NYSE announcement this morning reversing its decision to delist three Chinese telcos has had an immediate impact in Asia. China markets have abruptly reversed out of negative territory and into the green. The Shanghai Composite is 0.10% higher, with Hong Kong now unchanged on the day. I do note that the initial rallies were greater in scope and have quickly started to fade.

Risk reduction ahead of Georgia’s Senate runoffs today dominated North American trading. The S&P 500 fell 1.48%, while the Nasdaq lost 1.47% and the Dow Jones retreated 1.27%. All three indices traced out bearish outside reversal day patterns.

Asia has followed the US example with markets modestly retreating across the region. The Nikkei 225 has fallen 0.20% with the Kospi just 0.05% higher. Singapore has declined 0.30%, with Kuala Lumpur falling 0.50%. A potential merger between Gojek and Tokopedia has lifted Jakarta by 0.30%, with Thailand the day’s outperformer, the SET rising 0.90% as the government eased some Covid-19 restrictions.

Australian markets have tracked slightly lower as investors Downunder await the Georgia elections tomorrow, Asian time. The ASX 200 has fall 0.40%, with the All Ordinaries falling 0.20%.

It is notable that the sharp rally in Chinese markets after the NYSE announcement has very quickly faded. That suggests that potential concerns over the Georgia elections today remain topmost in investors minds. I expect European equities to open lower with that in mind, with UK markets under greater than average pressure due to the imposition of a new national lockdown. With positioning so heavily weighted to the long side, equity markets could potentially correct much lower if the Georgia election results are delayed, inconclusive or if the Democrats sweep both seats.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Jeffrey Halley

With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia and the New York Times. He was born in New Zealand and holds an MBA from the Cass Business School.

Jeffrey Halley

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