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Wall Street rally extends as data matches China’s rebound
The rebound in China’s PMI numbers was echoed in the US, pushing Wall Street indices higher for a third day. It’s the RBA rate meeting today with a chance of a dovish bias. Brexit is still not decided.
US30USD Daily Chart
The US30 index rallied for a third day yesterday, touching the highest since October, as the March ISM manufacturing PMI beat estimates
The next possible resistance point could be the October high of 26,940
The ISM March manufacturing PMI hit 55.3, higher than economists’ forecast of 54.5. Today sees the release of durable goods orders for February, which are expected to fall 1.8% m/m.
DE30EUR Daily Chart
The Germany30 index ignored below-forecast PMI readings for Germany and the Eurozone yesterday, instead building on the positive sentiment from the China numbers and advancing for a sixth straight day, the longest winning streak since July last year
The index is testing the 200-day moving average resistance at 11,717. That average has capped prices on a closing basis since July 31
German Markit manufacturing PMI weakened to 44.1, below estimates of 44.7 while the Euro-zone equivalent came in at 47.5, missing estimates of a 47.6 reading. ECB’s Praet is scheduled to speak today.
AU200AUD Daily Chart
The Australia200 index looks poised to rally for a fourth straight day today as the market awaits the RBA’s rate decision
The index has advanced to the highest in 3-1/2 weeks on hopes the RBA will adopt a more-dovish stance on interest rates, similar to other central banks in the region
Building permits were strong in February, rising 19.1% m/m after a 2.5% gain in January. The RBA announcement is scheduled for 1130 SGT.
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