Wall Street powers ahead on strong earnings
Another strong Q4 earnings report from the financial sector, this time Morgan Stanley, was the catalyst for Wall Street indices to hit new highs. China’s fourth quarter GDP growth numbers are due today.
US30USD Daily Chart
The US30 index has hit new highs this morning after another day of upbeat earnings from the financial sector
The 55-day moving average, which has supported prices since October 10, has moved up to 28,170
US housing starts probably fell 3.8% in December, according to the latest survey. Building permits likewise are expected to drop 1.9%. Industrial production is seen slipping 0.2% m/m.
DE30EUR Daily Chart
The Germany30 index snapped a two-day losing streak yesterday and has extended those gains in early trading this morning
The index is above the 55-day moving average at 13,221, which has supported prices on a closing basis since October 8
The final reading for Euro-zone consumer prices for December is due today and an upward revision to +0.3% m/m from -0.3% at the first estimate is expected.
CN50USD Daily Chart
The China50 index fell for a third straight day yesterday and has opened flat this morning ahead of the GDP release
The 55-day moving average has moved up to 14,099 and has supported prices since December 12
The Chinese economy is expected to expand 6.0% y/y in the fourth quarter, the same pace as in Q3. Retail sales probably rose 7.8% y/y in December while industrial production is seen increasing 5.9% y/y.
