JCI closed higher yesterday as the consumer sector outperformed. The rally was also backed by the inflation data and Indonesia’s robust PMI data. Top Gainers: Property (+2.69%), Consumer (+1.61%), Misc. Industry (+1.53%).
Most of the global stock markets closed lower yesterday as Apple lowered its prediction of the 1Q2019 sales. While Asia markets were mostly reigning in negative territory, Europe market closed lower; in fact, the U.S. markets were bearish at 2.5%. Global investors concerned about a slowdown in the global economy, reflected in PMI data posting by a number of countries.
Today’s Outlook: Will AAPL’s Downgrade Outlook Affect Emerging Markets?
Today, we estimate JCI to move at a modest pace with the support range of 6150-6165 and the resistance range of 6220-6240. The negative sentiment comes from AAPL’s stocks declining to 7.93% on yesterday’s trading session. We estimate that the backdrop is likely to influence analysts’ estimate on the emerging markets growth. AAPL lowers its guidance for 2019 outlook because of China’s deleveraging consumption.
Japan’s manufacturing index making a stellar performance in December 2018 is announced this morning. Of note, Japan’s PMI hiked from 52.4 to 52.6.
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