Wall Street powers higher on earnings, virus hopes
US indices hit fresh highs yesterday as corporate earnings came in strong and hopes still exist that the coronavirus is being contained. China reports trade data for January while the US nonfarm payroll release is due today.
US30USD Daily Chart
The US30 index advanced for a fourth day yesterday, reaching a fresh all-time high
The 55-day moving average has risen to at 28,537 while the 100-day moving average is at 27,867
The US economy probably added 160,000 jobs in January, according to the latest survey of economists, an increase from December’s 145,000. Unemployment is seen unchanged at 3.5%.
DE30EUR Daily Chart
The Germany30 index climbed for a fourth consecutive day yesterday, but fell short of overcoming the January 22 high at 13,645
The index is above the 55-day moving average at 13,290 while the 100-day provides longer-term support below at 12,999
German industrial production data is expected to show a 0.2% m/m decline in December, down from November’s 1.1% gain.
CN50USD Daily Chart
The China50 index snapped a two-day winning streak yesterday and looks poised to extend the negative mood into today
The index reached the highest in 10 days yesterday but stopped short of the 200-day moving average at 13,595
China’s exports are expected to fall 4.8% y/y in Lunar New year-affected data. Imports are seen falling 6.0% y/y resulting in a narrowing of the trade surplus to $38.64 billion from $47.21 billion.
