Wall Street overcomes virus threat
US indices soared to record highs yesterday, ignoring the rising coronavirus cases and death toll. There’s a public holiday in Japan today.
US30USD Daily Chart
The US30 index recovered from a lower open to close higher amid hopes the containment measures for the coronavirus are having an impact
The 55-day moving average has risen to at 28,587 while the 100-day moving average is at 27,911
There are no major data releases scheduled for today but Fed Chairman Powell testifies in his semi-annual meeting. No doubt the drag effect of the coronavirus will be mentioned, even though the US economy appears to be firing on all cylinders.
DE30EUR Daily Chart
The Germany30 index looks set to advance for a second consecutive day today and is nearing the January 22 high
The index remains above the 55-day moving average at 13,301 while the 100-day provides longer-term support below at 13,022
The are no major data releases for both Germany and the Euro-zone today. The European Commission is due to release its economic forecasts for the region.
CN50USD Daily Chart
The China50 index has opened marginally higher this morning, building on yesterday’s gains as the industrial sector returned to work after an extended Lunar New Year break
The index is approaching the 200-day moving average at 13,592
China’s new loans data for January are due any time, with expectations of a total of three trillion yuan. That’s an increase from December’s 1.14 trillion yuan.
