Wall Street pulled higher by tech sector
Wall Street indices closed higher despite issues at Boeing, as the tech sector pushed the Nas100 index 2% higher. Rumours circulated overnight that UK PM May had secured a “better” Brexit deal from Europe ahead of tonight’s Parliamentary vote.
US30USD Daily Chart
The US30 index recovered from early Boeing-led weakness to close higher for the second straight day. The index appears to be continuing the trend in early dealings this morning
The 200-day moving average at 25,138 remains untouched, supporting prices since February 12
US consumer prices are expected to rise 0.2% m/m in February from a flat reading the previous month. Fed’s Brainard is scheduled to speak at 1345 GMT.
DE30EUR Daily Chart
The Germany30 index snapped a three-day drop yesterday amid more-positive news on Brexit. The index shrugged off weaker-than-expected industrial production data
The index is edging toward the 200-moving average resistance at 11,812. It has capped prices since August 1
Germany’s industrial production fell 0.8% m/m in January, a surprise drop with economists anticipating a 0.4% gain. The production numbers echoed weak data from factory orders in the same month. There are no major data releases scheduled today.
UK100GBP Daily Chart
The UK100 index fell for a third consecutive day yesterday, despite rumours that PM May has secured an improved Brexit deal from Europe. Tonight’s Parliamentary vote still introduces a huge element of uncertainty and the index is likely to remain under pressure until the outlook is clearer
The 55-day moving average at 6,985 moved above the 100-day moving average at 6,983 yesterday, the first time since September 4 last year
As well as the Brexit vote, we see the UK’s production data for January, which has been holding up pretty well, and the trade balance for the same month.
