Daily Markets Broadcast
2020-02-10
Wall Street retreats despite strong jobs data
The virus effect appears to be exerting a stronger influence on equity indices than a stellar jobs report, as reported deaths from the virus top SARS totals.
US30USD Daily Chart
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The US30 index snapped a four-day winning streak despite reports showing a healthy labour market
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The 55-day moving average has risen to at 28,555 while the 100-day moving average is at 27,884
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The US economy added 225,000 jobs in January, beating estimates of just 160,000. The unemployment rate edged up to 3.6% from 3.5%, partly due to a higher participation rate. There are no major US data releases scheduled for today but Fed’s Bowman is due to speak.
DE30EUR Daily Chart
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The Germany30 index looks set to decline for a second consecutive day today as the corona virus impacts risk appetite
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The index is above the 55-day moving average at 13,293 while the 100-day provides longer-term support below at 13,010
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Euro-zone Sentix investor confidence probably dipped to 4.0 this month from 7.6 in January, according to the latest survey of economists, mostly due to the virus effect.
WTICOUSD Monthly Chart
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The attempted rebound in oil markets last week appears to be short-lived with prices looking poised to slide for a third straight day
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Oil prices opened below the 55-month moving average this month for the first time in a year. That moving average is at $53.12 today. The 100-month moving average has crossed below the 200-month moving average
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Tomorrow sees the release of weekly crude oil stockpiles data from the American Petroleum Institute (API). Last week saw an addition to inventories of 4.2 million barrels.
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