Look ahead: China industrial production and retail sales; Baker Hughes; rising bets of US rate cuts?
Traders continue to eye the Dow as it hovers close to the 40,000 mark amid rising bets of US rate cuts.
Watch out for a raft of Chinese data including industrial production, retail sales, jobless rate, and fixed asset investment, which could move Chinese stocks. The latest Baker Hughes oil rig count comes at a time when crude futures are easing amid soft demand and an absence of worsening geopolitics.
(AI Video Summary)
Watching Chinese trading data
Angeline Ong previews the key market events for 17 May, emphasising the impact of China's Industrial Production, retail sales, unemployment rates, and fixed asset investments on market dynamics, particularly in relation to the shaky but recovering financial sector. Highlighting the Hang Seng index’s potential resistance level at 22,900, she underscores the significance of the Chinese yuan's strength on market trends.
Oil updates
Ong also touches on oil market outlooks, noting the current balance between supply and demand, alongside geopolitical tensions, as factors influencing oil prices and the anticipation around the Fed's rate cut decisions.
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