Asian market preview 19/02/2008

US markets were closed on Monday for President Day holidays. The futures indicated a stronger open later on Tuesday with benchmarks across Europe rise generally more than 2%. Upcoming economic data are: Tuesday, the National Association of Home Builders will release its housing industry index, which was expected to show a decline. On Wednesday, Labor department will report on consumer prices, which is predicted to be up 0.3% in January, which is the same as December and Core Consumer prices, which excludes food and energy cost and are expected to have risen 0.2%. The Fed will also release the minutes from their meeting on Jan 29-30 on Wednesday.

Asian markets may open flat today with US markets being closed overnight. Volumes may be thin again today as investors waiting for more clues as to where the market will be going. Market may swing higher as European markets also closed on stronger notes. However, with more economic data due out of the US later on in the week, investors may wait for more data before going in more confidently. Crude oil recently traded at $95.90ish per barrel, gold at $905.60ish and JPY at 108.10ish. Nikkei futures was closed at 13710 yesterday.

Kospi may open flat today but may go up as more investors hunting for bargain stocks. US markets futures indicate a stronger open and that may drive the market too today. However, watch out for late trading like yesterday, as market may lose steam and lose some grounds again as investors await for more solid data from the US.

Hangseng may trade close to yesterday's pattern but today it may rise stronger and recoup yesterday's losses due to profit taking. If investors are willing to bet more of their money on the market, Hangseng may even try to break the 24500 level again today after failing once yesterday. If not, it may lose more grounds again today if investors are still nervous about the overall global economy.