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Daily Markets Broadcast

Wall Street encouraged by prospect of tariff delay

Reports circulated yesterday that President Trump was considering a delay in imposing tariffs on European car imports, which could have come in to effect at the weekend. US indices staged a relief rally despite a weak set of US economic data. Today’s Australian employment report for April could decide whether the RBA adopts a more dovish bias, or not.

US30USD Daily Chart

The US30 index extended the recent rebound to a second day yesterday but has edged lower since the open this morning

The 100-day moving average at 25,403 is set to move above the 200-day moving average at 25,404 for the first time since January 28

US retail sales fell 0.2% m/m in April while industrial production contracted 0.5%. Today sees the release of housing starts and building permits for April.

DE30EUR Daily Chart

The Germany30 index was given a boost from the prospect of delayed tariffs, posting the biggest one-day gain in almost two weeks yesterday

The 55-day moving average at 11,859 continues to support prices, as it has done on a closing basis since February 8

The Euro-zone trade surplus is seen widening to EUR19.9 billion in March, latest surveys suggest. ECB’s Praet and De Guindos are scheduled to speak today.

AU200AUD Daily Chart

Australian shares look set to advance for a third consecutive day ahead of the release of the April jobs report

The index continues to hold above the 55-day moving average at 6,238, as it has done on a closing basis since January 7

Surveys suggest the Australian economy added 14,000 jobs in April, less than the 25,700 recorded in March. A weaker number could push the RBA into adopting a more dovish outlook for its monetary policy.

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