Daily Markets Broadcast
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Wall Street rises on trade deal hopes
Signs of easing tensions in the US-China trade war pushed Wall Street higher yesterday after US President Trump said negotiations were getting “closer and closer” and that a trade deal could come “sooner than you think”. UK PM Jonson offered the Opposition a chance to call a general election, which wasn’t taken up. Oil prices slid on rising inventories.
US30USD Daily Chart
The US30 index rallied yesterday on improving trade relations, while shrugging off any negative implications for a possible impeachment of Trump
The 55-day moving average at 26,615 continues to support prices. It has held on a closing basis since September 5
The final reading for Q2 GDP is seen unchanged at 2% y/y. Pending home sales are seen rising 0.9% m/m in August after a 2.5% decline in July. Watch out for speeches from the Fed’s Bullard and Clarida.
DE30EUR Daily Chart
The Germany30 index recovered from losses to 2-1/2 week lows to finish in the black yesterday, helped along by the better mood on Wall Street
The 100-day moving average is at 12,119 and has supported prices since September 6. The 55-day moving average is just below at 12,067
Germany’s Gfk consumer confidence is seen unchanged at 9.7 in October, according to the latest survey of analysts. ECB’s Draghi is scheduled to speak later today.
WTICOUSD Daily Chart
Crude oil prices fell for a second consecutive day yesterday after data from The Energy Information Administration showed an increase in reserves
WTI crude prices traded below the 55-day moving average at $56.21 yesterday for the first time since September 16
2.4 million barrels were added to inventories in the week to September 20, according to EIA data. That was more than the 250,00 decrease that analysts had been expecting and the second straight week that stockpiles have risen.
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