Wall Street mixed on slowdown fears
Most US indices finished lower yesterday as corporate earnings continue to be a hit and miss affair and data was a little disappointing. British PM Boris Johnson tested the waters for a snap December election while the announcement from the EU on how long the Brexit extension will be is due today. Oil prices extended recent gains.
US30USD Daily Chart
The US30 index failed to make any further headway yesterday and is almost back at starting levels for the week
The 100-day moving average support is at 26,612 and has supported prices on a closing basis since October 10
US durable goods orders fell 1.1% in September, a deeper drop than the -0.8% analysts had expected. US data releases today are limited to the October Michigan sentiment index, which is seen unchanged at 96.
DE30EUR Daily Chart
The Germany30 index powered upward to hit the highest since August last year yesterday, despite the increasing possibility of a December election in the UK
The index is facing its third weekly gain in a row, which hasn’t happened since August/September. The 100-day moving average is at 12,207
German consumer confidence is expected to dip marginally to 9.8 in November from 9.9 this month, according to the reading from Gfk. IFO’s October survey of business expectations is seen rising to 91.0 from 90.8.
WTICOUSD Daily Chart
West Texas Intermediate climbed to the highest this month yesterday amid concerns over supply cuts from OPEC+
WTI is rising toward the 200-day moving average, which is at $57.12 today. That moving average has capped prices since September 27
Reports have been circulating this week that OPEC+ intends to introduce further production cuts at its December meeting in order to prop up the oil price. The meeting is scheduled for December 5 in Vienna.
