Stocks suffer as trade war escalates
US indices fell on Friday after US President Trump hiked existing tariffs on Chinese goods, which was followed by China adding levies on $75 billion worth of US imports.
US30USD Daily Chart
The US30 index fell the most in nine days on Friday and has extended those losses in early trading this morning
The index touched the lowest since August 15 earlier and looks poised to close below the 200-day moving average at 25,592 for the first time since August 14
US durable goods orders are expected to rise 1.1% in July, a slightly slower pace than June’s +1.9%.
DE30EUR Monthly Chart
The Germany30 index slumped to the lowest level in 10 days in early trading this morning in response to the US-China trade war escalation
The index looks poised to closed below the 55-month moving average at 11,533 for the first time since January
The German IFO surveys for August are scheduled to be released today, with the expectations index likely falling to 91.5 from 92.2, according to the latest survey of analysts.
WTICOUSD Daily Chart
Crude oil prices are lower for a fifth consecutive day in early trading this morning as the trade war escalation questions future demand prospects for the commodity
West Texas Intermediate (WTI) is testing the 61.8% Fibonacci retracement of the August 7 to 13 rally at $53.135
Weekly oil inventories data from the American Petroleum Institute are due tomorrow. Last week saw a drawdown of 3.5 million barrels.
