Daily Markets Broadcast
2019-02-11
Wall Street steady as next trade talks loom
US officials will be in Beijing again Thursday-Friday, hoping to build on the positive vibes from the two meetings in January. China markets reopen after a one week break while Japan markets are closed for a public holiday.
US30USD Daily Chart
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The US30 index closed marginally lower on Friday, posting its third consecutive daily loss and recording a weekly decline for the first time in three weeks
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The index tested support at the 100-day moving average of 24,888, but this held. It’s at 24,871 today
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Talks to avert another US government shutdown broke down at the weekend. The deadline for a resolution is this Friday. There are no major data releases scheduled for today.
DE30EUR Daily Chart
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The Germany30 index fell for a third straight day Friday despite positive trade data from Germany. Brexit uncertainty still manifesting itself as the UK Parliament votes again on a new Brexit deal this week
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The index closed below the 55-day moving average for the first time since January 23. Support may come at the 50% retracement level of the run-up which lasted from December 27 to February 5, which is at 10,835
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Germany’s trade surplus widened to EUR19.4b in December, the highest since May last year, as exports surprisingly rose 1.5% m/m.
CN50USD Daily Chart
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China shares trade for the first time in a week after the Lunar New Year break, and are expected to open lower, echoing the move seen in Hong Kong on Friday
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The 100-day moving average is at 11,096, which could act as a support level
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The issue of trade negotiations will undoubetedly keep China markers nervous in the run-up to the meetings at the end of this week. On the data front, new loans for January are expected to show a jump to 2.8 billion yuan after a 1.08 billion yuan print in December.
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