Stocks push higher after peaceful local Hong Kong elections
US indices opened higher this morning after Hong Kong embraced local district elections peacefully at the weekend and Donald Trump said the China trade deal was “closer”. Pro-democracy candidates did very well amid a record high turnout of voters.
US30USD Daily Chart
The US30 index looks set to advance for a second day today, with last week’s record high in sight
The 55-day moving average has risen to 27,102 while trendline support could be found near the 27,240 level
It’s a slow start to Thanksgiving week on the data front with the Dallas Fed manufacturing index for November the only item on tap. That’s expected to slide to -11.3 from -5.1, according to the latest survey. Fed Chairman Powell speaks late in the day.
DE30EUR Daily Chart
The Germany30 index looks poised for a third daily gain in a row after the first speech from new ECB chief Lagarde echoed the Draghi-era theme of accommodative policy
The 55-day moving average has risen to 12,685. The 23.6% Fibonacci retracement of the rally from October 3 to November 12 is at 12,960
The November German IFO surveys are due today with the expectations index seen rising to 92.5 from 91.5, the latest survey shows.
WTICOUSD Daily Chart
West Texas Intermediate touched the highest in two months on Friday amid trade deal optimism and an expected extension to the OPEC+ production cuts in December
WTI has established a footing above the 200-day moving average at $57.45 but appears to have stalled near the 61.8% Fibonacci retracement of the September 16 to October 3 drop at $58.675
US oil stockpiles have been steadily rising over the past few weeks, but have had only a temporary negative effect on prices. The API data to November 22 are due tomorrow after seeing a hefty 5.95 million barrel increase last week.
