Daily Markets Broadcast
2018-11-13
Investors push Wall Street down further
US indices fell yesterday in modest activity due to the Veterans Day holiday. The Tech sector led declines amid concerns over demand for Apple’s iPhones. European exchanges were lower on Brexit stalemate. Oil gave back early gains to drop for an 11th straight day.
US30USD Daily Chart
Source: OANDA fxTrade
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The US30 index fell for a second straight day yesterday amid souring investor sentiment in the Tech sector
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The index closed below the 38.2% Fibonacci level of the Oct29 to Nov8 rally at 25,415. Next support level could be the 50% retracement of the rally at 25,158
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No US data of note today, but we have Fedspeakers Brainard (dove, voter) and Daly (neutral, voter). Yesterday, Daly said wouldn’t be surprised by a Dec rate hike, and at least a couple more in 2019.
DE30EUR Monthly Chart
Source: OANDA fxTrade
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The Germany30 index fell the most in almost three weeks yesterday, as Brexit impasse continued to haunt sentiment. European Commission said it’s ready to escalate its battle with Italy over its budget deficit
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The index is heading toward the 55-month moving average at 11,221
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Germany’s inflation rate is expected to rise 2.5% y/y in October, the same pace as September. An acceleration would pile more pressure on the index.
HK33HKD Monthly Chart
Source: OANDA fxTrade
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The HongKong33 index fell for a third day yesterday, Weak sentiment on Wall Street is expected to pressure the index today
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The index has retreated further from the 55-day moving average at 26,542 and is sitting just above the 55-month moving average at 24,987
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China’s new loans and fixed asset investment data for October is scheduled for today. Numbers could influence China’s direction, and hence Hong Kong’s.
