Wall Street closes higher as virus spread slows
The spread of the coronavirus appears to be slowing, according to yesterday’s data, and this encouraged investors to push US indices to record highs. US yields rose, lifting the US dollar, as US Treasuries were offloaded while oil prices also climbed higher.
US30USD Daily Chart
The US30 index hit a new record high yesterday as the number of new virus cases in China slowed to the least this month
The 55-day moving average has risen to at 28,639 while the 100-day moving average is at 27,963
US consumer prices probably rose 2.4% y/y in January, a slight acceleration from December’s 2.3%.
DE30EUR Daily Chart
The Germany30 index advanced for a third consecutive day yesterday, posting an incremental record high going back as far as 2003
The index remains above the 55-day moving average at 13,324 while the 100-day average provides longer-term support below at 13,049
Final German CPI readings for January are due today. Preliminary readings were +1.7% y/y and -0.6% m/m.
UK100GBP Daily Chart
The UK100 index rallied for a third straight day yesterday, boosted by gains on Wall Street and adding to the advance following the encouraging Q4 GDP data earlier this week
The index is holding above the 55-day moving average, which was at 7,480 yesterday
House prices in the UK jumped in January, the first month after the UK’s exit from Europe, according to a house price index from the Royal Institute of Chartered Surveyors. The index surged to +17 from -2 in December, the biggest jump in almost three years.
