Markets in the US tumbled on Friday following investors' concerns that the Fed are not doing enough to avoid recession there and also inflation seem to pick up when the Fed lowered interest rate. The Dow tumbled 178.11 or 1.3% lower, Nasdaq down by 32.75 or 1.23% lower while S&P500 was tumbled 20.46 or 1.37% lower.
Asian markets may fall following the US markets sell-off on Friday. JPY is at 113ish per US$, gold priced at $794ish, crude oil at $91ish per barrel while Nikkei futures was closed at 15500, little change from Friday's close over here.
The Kospi may open lower following the US, the biggest export destination for South Korea. However, I feel that a rebound is on the horizon with traders might start to buy cheap stocks, aiming for the ones which tumbled the most last week. My target price range for Kospi today: 235ish-242ish.
Hangseng might open lower also following the triple digits lost for the Dow. Hangseng markets also have tumbled so much in the past week, and cheap stocks might be collected again by investors who want to speculate. My target price range for Hangseng today: 27000ish-27700ish.
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